The number of homes for sale in the Roanoke area reached 754 in August, up 22% from August 2022. The Virginia Association of Realtors warned that while the number of homes for sale is down in most areas, that's not the case in Roanoke. There are more homes for sale in Bedford, Botetourt, Craig, Franklin and Roanoke counties, and the combined cities of Roanoke and Salem.
Still, the housing market here and across the state has softened in terms of home sales, according to the real estate trade group (formerly known as the Virginia Association of Realtors).
“Inventory is tight in most of Virginia,” association president Katrina Smith said in a statement. “With mortgage rates at 20-year highs and a low supply of move-in homes, some people who want to sell are choosing not to put their money on the market. However, we are currently in a seller's market, and most people selling their home are receiving multiple offers.”
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The average sales price in August was $299,900. Homes stayed on the market for an average of 25 days.
In terms of inventory, Botetourt County has seen an increase in the number of homes for sale within its county lines for the 11th consecutive month, while in Franklin County, inventory went down, then up, then down again.
Geoff Sturgeon (540) 981-3251
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