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.
Real Estate Market Snapshot: Trends and Insight for 24153
Market Snapshot: Trends and Insights for 24153 In the ever-changing real estate market, it's essential to stay updated on the latest trends to make informed decisions. Here’s a quick snapshot of the current market trends, specifically focusing on the changes in home values, list prices, and sales prices as of June 30, 2024. 1. Home Values on the Rise The median estimated home value in the market has reached **$313K**, marking a steady upward trend over the past few years. Here’s a closer look at the changes: 12-Month Change: Home values have increased by 10.36% over the last year. 24-Month Change: Over the past two years, the increase is even more pronounced at 15.31%. 36-Month Change: A significant 37.67% rise in home values has been observed over the last three years. This consistent appreciation in home values highlights a strong market, making it a potentially lucrative time for homeowners looking to sell or refinance. 2. List Prices: A Mixed Bag The median list price currently stands at $399,000. However, the recent trends show some fluctuations: Last Month: There was a slight decrease of 1.37% in list prices. Last 3 Months: The change was minimal, with a 0.13% decrease. Last 12 Months: Despite recent drops, the list price has increased by 3.83% over the past year. Last 24 Months: Over two years, the list price has risen by 11.74%. While list prices have shown some minor short-term declines, the overall trend over the last two years suggests a positive growth trajectory, indicating resilience in the market. 3. Sales Prices: A Recent Decline The median sales price is currently $292,000, showing a more challenging environment for sellers recently: Last Month: Sales prices have dropped significantly by 17.89%. Last 3 Months: A decrease of 10.02% over the last quarter. Last 12 Months: There was a slight 3.8% decrease in sales prices over the past year. Last 24 Months: The sales prices have fallen by 10.58% over the last two years. This decline in sales prices, especially the sharp drop in the last month, indicates that buyers might have more negotiating power in the current market, potentially leading to a buyer’s market. Conclusion The real estate market as of mid-2024 shows a complex landscape. Home values have consistently risen, reflecting long-term growth and stability. However, the recent declines in list and sales prices could signal a short-term market correction or a shift in buyer-seller dynamics. For buyers, this might be a good opportunity to purchase homes at slightly lower prices, while sellers may need to adjust their expectations or wait for a more favorable market condition. Staying informed and consulting with real estate professionals can help navigate these trends effectively.
Real Estate Market Snapshot: Trends and Insights for 24019
Real Estate Market Snapshot: Trends and Insights for 24019 Median Estimated Home Value As of June 30, 2024, the median estimated home value stands at $296,000. This represents a significant change over the past several years: - Over the last 12 months, home values have increased by 7.84%. - Over the last 24 months, there has been a 12.98% increase in home values. - Over the last 36 months, home values have surged by 33.92%. This data indicates a robust growth in the real estate market, with a strong upward trend in home values over the past three years. Median List Price The median list price as of June 30, 2024, is $367,000, showing notable changes over various time frames: - In the last month, the list price has increased by 18.56%. - Over the last three months, the list price has risen by 26.93%. - Over the last 12 months, there has been a 13.07% increase in the list price. - In the last 24 months, the list price has grown by 28.51%. These figures highlight a dynamic market with substantial growth in list prices, particularly in the short term, suggesting high demand and a competitive market environment. Median Sales Price As of June 30, 2024, the median sales price is recorded at $325,000, with the following changes observed: - Over the last month, sales prices have increased by 1.71%. - In the last three months, there has been a 4.23% rise in sales prices. - Over the last 12 months, sales prices have gone up by 12.61%. - In the last 24 months, sales prices have increased by 18.16%. The sales price trends indicate a steady growth, reflecting a healthy demand for homes and a positive outlook for sellers in the market. Summary The real estate market is experiencing robust growth across estimated home values, list prices, and sales prices. The substantial increases in values and prices over the past several months and years suggest a strong and competitive market, benefiting homeowners and investors alike. Whether you are looking to buy, sell, or invest, the current market trends indicate a favorable environment for real estate activities. Are these trends impacting your real estate decisions? Leave a comment. RELATED BLOGS $73,000,000 in homes sold in the Roanoke Valley
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