Is Cave Spring, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Cave Spring has remained a Seller's Market.
Key Takeaway
Cave Spring is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cave Spring, VA
How much do homes in Cave Spring, VA cost?
Median Sold Price
$315,500
$161/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cave Spring have sold for 1.4% less than they did a year ago.
Summary: The median home sold price in Cave Spring was $315,500 in May 2024, down 1.4% from last year, and the median price per square foot was $161.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $113.5K | $135.5K | +19.4% |
| 2 Bedrooms | $170.5K | $184.5K | +8.2% |
| 3 Bedrooms | $299K | $300K | 0.3% |
| 4 Bedrooms | $393.9K | $387.5K | -1.6% |
| 5+ Bedrooms | $417K | $480.5K | +15.2% |
Summary: Cave Spring housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.4%, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 0.3%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 15.2%.
Median Sold Price Compared To Nearby Cities
| Roanoke | $231.5K | $259.7K | +12.2% |
| Windsor Hills | $353.6K | $379K | +7.2% |
| Blackwater | $321.5K | $337.4K | +4.9% |
| Boone | $311.5K | $317.5K | +1.9% |
| Cave Spring | $319.9K | $315.5K | -1.4% |
Housing Supply in Cave Spring, VA
How many homes are available in Cave Spring, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 69 | 96 | +39.1% |
Summary: The Cave Spring real estate market had 96 homes for sale in May 2024, a 39.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 12 | 14 | +16.7% |
| 3 Bedrooms | 27 | 34 | +25.9% |
| 4 Bedrooms | 16 | 28 | +75.0% |
| 5+ Bedrooms | 12 | 17 | +41.7% |
Summary: The Cave Spring housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 25.9%, 4 bedroom homes increased by 75%, and 5+ bedroom homes increased by 41.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 22 | +10.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cave Spring, you may be able to get a good deal. 40.9% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Cave Spring in May 2024, up by 10.0% month-over-month. Of the 22 sold homes, 41% were sold under asking, 32% were sold at asking, and 27% were sold over asking.
Days on Market for Cave Spring, VA
We’re sorry, we don't have information for this market at the moment
Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes.