2018 Annual Roanoke Valley Market Snapshot

2018 Annual Roanoke Valley Market Snapshot
By: Patrick Wilkinson

Posted 1/26/2019


Welcome to LivingInRoanoke.com’s 2018 Annual Roanoke Valley Market Snapshot

2018 home sales in the Roanoke Valley were 2.3% higher than in 2017, and the highest number sold since 2006! Here’s a recap of three key indicators for the past 19 years (Total Sales, Average Price, and Days On Market). You are welcomed to share this with your friends. Enjoy!

-Patrick Wilkinson


Total RVAR Annual Sales 2000 through 2018

– Chart below illustrates annual home sales for each year from 2000 to 2018
– 2018 sales (5,522) are the highest on record since 2006 sales (5,648)
– Average annual home sales during those 19 years equals 4,697 homes/year
– 2018 sales (5,522) higher by 825 homes  (17.6% up) over 19 year avg (4,697)
– 2018 sales (5,522) higher by 123 homes (2.3% up) over 2017 sales (5,399)


AVERAGE PRICE

– Chart below illustrates annual average sales price from 2000 to 2018.
– Average home sales price during those 19 years equals $188,382
– 2018 avg price ($216,765) is the highest on record for The Roanoke Valley
– 2018 avg price ($216,765) is higher by $28,383 (15.1% up) over 19-yr avg ($188,382)
– 2018 avg price ($216,765) is higher by $3,575 (1.7% up) from 2017 ($213,190)


AVERAGE DAYS ON MARKET (DOM)

– Chart below illustrates average DOM for each year from 2000 to 2018.
– Average DOM during those 19 years equals 89 days
– 2018 Average DOM is the lowest on record since 2007
– 2018 avg DOM (75) is lower by 14 days (15.7% down) from 19-yr avg (89) GOOD!
– 2018 avg DOM (75) is lower by 12 days (13.8% down) from 2017 (87) ALSO GOOD!


TODAY’S MORTGAGE RATES** & HISTORY – As of 1/26/19

According to Bankrate.com the following mortgage interest rates** are available today:

30-Yr Fixed:
4.657% APR (4.625% rate $300k loan 20% down 740+ credit 0 pts $1233/mo P&I)
15-Yr Fixed:
4.235% APR (4.125% rate $300k loan 20% down 740+ credit 0 pts $1790/mo P&I)
10 Yr Fixed:
4.409% APR (4.250% rate $300k loan 20% down 740+ credit 0 pts $2459/mo P&I)
5/1 Adj Rate:
4.816% APR (3.959% rate $300k loan 20% down 740+ credit 0 pts, $1140/mo P&I)

To see a chart of last 30 year history of mortgage rates: Click Here

Historical charts courtesy of Jamey Roberts at Residential Mortgage Services.


*The RVAR is the Roanoke Valley Association of Realtors and owns the Roanoke MLS
** All loans are subject to credit approval. These rates are not an offer of financing. Every home buyer must be approved through a qualified lender. Loan programs and rates subject to change. The Real Estate Group and/or LivingInRoanoke.com, and/or Patrick Wilkinson, is not / are not a lender.


P.S. PLEASE DON’T KEEP US A SECRET!

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THANKS A MILLION! -Patrick Wilkinson
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