Year End Housing Market Report for Roanoke

The Virginia Association of REALTORS has released its end of the year numbers for 2009.  Overall, statewide, homes sales were up slightly at 1.6% and the overall median sales price was down 4.2%.  But, every market is different, so let’s take a look at our local market here in the Roanoke Valley.

There were 3707 total units sold in 2009, down ever so slightly from the 3732 units sold in 2008.  This represents a 0.7% decrease.  The median price fell 6.5% from $165,817 to $155,098.

The good news is in the 4th quarter unit sales results.  In 2009, unit sales were up 34.4% over the 4th quarter of 2008, with 911 units sold over 678 units sold in 2008.  The median sales price, however was down 6.5% from $159,025 in the 4th quarter of 2008 to $148,671 in 2009.

The general outlook is that we will continue to show increases, particularly with the extension and expansion of the tax credit.  Folks do need to keep in mind that to take advantage of this credit, they need to have a home under contract by April 30 and closed by July 10.  As inventory decreases, we will more than likely see some increases in mortgage rates.  So, if you’re thinking about buying,  this is a great time to do so.

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