Roanoke 2024 Mid-Year Report

Welcome to the Roanoke 2024 Mid-Year Market Report. Please find the downloadable PDF version of our full Roanoke area Mid-Year Report here: Roanoke_MYR_2024

Market Performance at a Glance

The Roanoke, VA, housing market is trending positive halfway through the year, remaining a seller’s market with homes selling quickly due to tight inventory and strong demand. Interest rates are expected to drop, making this a favorable time to buy, as lower rates may drive up prices again. It is crucial to work with a knowledgeable realtor to navigate these changes effectively. Inventory in the Smith Mountain Lake area remains low, though not at historic lows, and the market remains robust, especially for waterfront properties. But there are more affordable options as well, catering to every budget range. Seasonal improvements are also expected in the spring, which may provide more buying opportunities. In Virginia, 2023 was a slow year, with 6,948 home sales across the state in November, a 9.5% decrease from November 2022. There was an increase in interest rates for most of last year, but those rates are expected to decline. Whether you’re buying or selling, the market is constantly changing and can be frustrating due to its dynamic nature, we understand. At Nest Realty Roanoke, we continue to emphasize the importance of finding an expert realtor who can provide the best advice available to navigate the local market effectively. Whether you are buying or selling, or just looking for more insight or information, we are here to provide the best experience possible.

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