Is Roanoke, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Roanoke is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Roanoke has remained a Seller's Market.

Key Takeaway

Roanoke is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Roanoke, VA

How much do homes in Roanoke, VA cost?

Median Sold Price

$259,772

$157/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$28,205(+12.2%)

Key Takeaway

Homes in Roanoke have sold for 12.2% more than they did a year ago.

Summary: The median home sold price in Roanoke was $259,772 in May 2024, up 12.2% from last year, and the median price per square foot was $157.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $116.5K$132.5K
+13.7%
2 $159K$175K
+10.0%
3 $223K$248K
+11.2%
4 $304.2K$332K
+9.1%
5+ $390K$480.5K
+23.2%

Summary: Roanoke housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.7%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 23.2%.

Median Sold Price Compared To Nearby Cities

Vinton
+14.5%
Roanoke
+12.2%
Salem
+9.3%
Hollins
+5.8%
Cave Spring
-1.4%

Housing Supply in Roanoke, VA

How many homes are available in Roanoke, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
610812+33.1%

Summary: The Roanoke real estate market had 812 homes for sale in May 2024, a 33.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 66
0.0%
2 8394
+13.3%
3 287410
+42.9%
4 180235
+30.6%
5+ 5467
+24.1%

Summary: The Roanoke housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 42.9%, 4 bedroom homes increased by 30.6%, and 5+ bedroom homes increased by 24.1%.

Number of Homes Sold

Apr 2024May 2024CHANGE
167179+7.2%

Asking Price vs. Sold Price

64 Homes Were Sold
Under Asking

54 Homes Were Sold
At Asking

61 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Roanoke, you may be able to get a good deal. 35.8% of homes here sold below asking price last month.

Summary: A total of 179 homes were sold or pending in Roanoke in May 2024, up by 7.2% month-over-month. Of the 179 sold homes, 36% were sold under asking, 30% were sold at asking, and 34% were sold over asking.

Days on Market for Roanoke, VA

How long does it take to sell a home in Roanoke, VA?

Average Sale Time

May 2023May 2024CHANGE
23 Days3 Days-86.1%

Summary: Homes in Roanoke had an average of 3 days on market in May 2024, down by 86.1% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Roanoke are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 179 homes were sold in Roanoke; 3% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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