Roanoke Valley real estate market sees steady 2018, officials expect positive 2019
ROANOKE, Va. – Buyers and sellers don't beware. According to real estate officials, the Roanoke Valley housing market is on track for a positive 2019.
"I think that overall be optimistic. 2019 is going to be a great year," said Meg Smith, director of innovation and development for MKB Realtors.
Back in 2017, the Roanoke Valley housing market saw significant growth. Officials say 2018 has been stable. According to the 2018 home sales report, more than 5,000 residential units were sold this year, not including those sold in December. The average home price for the year was about $200,000. An increase in inventory has been credited with making the Roanoke Valley both a buyers' and sellers' market.
"We did have the increase in inventory which was something we had been asking for for a long time so we saw that sellers got more comfortable with putting their houses on the market," said Smith.
Most of the recent growth has occurred in Botetourt County, and that is expected to continue into 2019.
"Since southwest county and the city have been saturated, we have mostly resales there not a whole lot of new construction. People are moving out to Botetourt and we are seeing exponential growth out there," said Smith.
Bottom line -- if you're a home buyer or seller, 2019 could be a good year to make a move.
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