Is Roanoke, 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, Roanoke has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $116.5K | $132.5K | +13.7% |
2 Bedrooms | $159K | $175K | +10.0% |
3 Bedrooms | $223K | $248K | +11.2% |
4 Bedrooms | $304.2K | $332K | +9.1% |
5+ Bedrooms | $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 | $249K | $285K | +14.5% |
Roanoke | $231.5K | $259.7K | +12.2% |
Salem | $270K | $295K | +9.3% |
Hollins | $292.9K | $309.9K | +5.8% |
Cave Spring | $319.9K | $315.5K | -1.4% |
Housing Supply in Roanoke, VA
How many homes are available in Roanoke, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
610 | 812 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 6 | 0.0% |
2 Bedrooms | 83 | 94 | +13.3% |
3 Bedrooms | 287 | 410 | +42.9% |
4 Bedrooms | 180 | 235 | +30.6% |
5+ Bedrooms | 54 | 67 | +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 2024 | May 2024 | CHANGE |
---|---|---|
167 | 179 | +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
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 2023 | May 2024 | CHANGE |
---|---|---|
23 Days | 3 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
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.