Real Estate Market Snapshot: Trends and Insight for Botetourt County

Botetourt Real Estate Market Analysis: July 2024

The Botetourt real estate market has shown interesting trends over the past few months, with various key indicators providing valuable insights for buyers, sellers, and investors. Below, we'll break down the latest data, comparing current figures with previous periods to understand the overall market dynamics.

Active Listings

Botetourt's median list price is$429,950, marking a 7.5% increase month-over-month. The number of properties on the market is 57, which is a significant decrease of 19.7% from the previous month, indicating a shrinking inventory. Homes are taking an average of 55 days to sell, a sharp increase of 77.4% month-over-month. This extended market time could suggest that buyers are becoming more selective or that the market is cooling down slightly. The median price per square foot is $179, with a modest rise of 2.3% month-over-month. The total sales volume for active listings is $33,222,687, which has dropped by 11.7%.

Inventory Levels

The months' supply of inventory (MSI) is currently 1.97 months, reflecting a 21.8% decrease from last month and a 2.5% decrease over the past year. A lower MSI indicates a seller's market, where demand outpaces supply. This could lead to higher prices if the trend continues. Over the past three years, inventory has fluctuated, but the current level suggests that homes are selling relatively quickly, contributing to the declining inventory.

Sold Properties

The median sold price in Botetourt is $412,500, which represents an 8.6% increase month-over-month. This rise indicates that the market remains competitive, with properties fetching higher prices. The number of properties sold is 32, a slight decrease of 3% compared to the previous month. However, properties are selling extremely quickly, with a median of just 6 days on the market—a significant decrease of 57.1%. The median price per square foot for sold properties is $182, showing a slight increase of 1.1% month-over-month. The total volume for sold properties is $12,677,716, which has decreased by 11.1%.

Conclusion

The Botetourt real estate market in July 2024 presents a mix of opportunities and challenges. While there is a noticeable increase in the median list and sold prices, the shrinking inventory and the rapid pace at which homes are selling suggest that the market remains strong but competitive. Buyers may face challenges due to the limited supply and rising prices, while sellers could benefit from the high demand and quick turnaround times.

As we move forward, it will be crucial to monitor these trends to better understand the long-term direction of the Botetourt real estate market. Whether you're considering buying, selling, or investing, staying informed on these key indicators will help you make strategic decisions.