Roanoke home sales increase amid pandemic

ROANOKE, Va – Despite the pandemic, home sales across the Roanoke Valley have been increasing by the day. Realtors in the area say homes are being taken off the market just as quickly as they are put on.

“The real estate industry has a major across the economic footprint across the Roanoke Valley as well as the United States,” Roanoke Valley Association of Realtors President Walter Grewe said.

Grewe says because historically low interest rates are causing an increase in demand, the average price of homes in Roanoke is rising by the day.

“In July we saw an 18% increase in average sale price, our average sale price was somewhere in the 270′s so that equates to roughly $40,000” Grewe said.

Other factors contributing to the increase include the recent need for accommodations to work and learn from home during the pandemic.

“People are transitioning to working from home, permanently working from home, they are realizing that their current housing situation does not work for them,” Grewe said.

If you’re thinking about doing a big renovation before putting your own home on the market, Grewe says it might be better to hold off.

“A lot of times you’re probably better off letting the next owner do the upgrades, a lot of things are personal preferences,” Grewe said.

About the Author

Annie Schroeder joined the 10 News team as a reporter in June 2020 and is no stranger to Southwest Virginia.