2020 Annual Roanoke Valley Market Snapshot
By: Patrick Wilkinson
Posted 2/25/2021
Associate Broker
As predicted in January of 2020, last year became the Roanoke Valley’s most record-setting real estate year in history. 2020 home sales in the Roanoke Valley hit records in sales volume and average price, and beat the highest numbers on record from 2005. But in the run up to 2005 the high volume was inflated greatly by faulty lending practices in the “sub-prime” category, which is not the case today. I predict that seller’s homes will sell briskly in 2021, and buyers will get into multiple-offer competition on fairly-priced homes. Here’s a recap of three key indicators for the past 20 years (Total Sales, Average Price, and Days On Market). Also keep scrolling to see National Trends in the US. Please be sure to share this with your friends and family. Enjoy!
ANNUAL SALES – HIGHEST IN ROANOKE VALLEY HISTORY
– Chart below illustrates annual home sales for each year from 2001 to 2020
– Average annual home sales during those 20 years equals 4,888 homes/year
– 2020 sales (6,517) are the highest on record for The Roanoke Valley
– 2020 sales (6,517) higher by 1,629 homes (33.3% up) over 20 yr avg (4,888)
– 2020 sales (6,517) higher by 706 homes (12.1% up) over 2019 sales (5,811)
AVERAGE PRICE – RECORD HIGHEST IN ROANOKE VALLEY HISTORY
– Chart below illustrates annual average sales price from 2001 to 2020.
– Average home sales price during those 20 years equals $196,913
– 2020 avg price ($268,387) is the highest on record for The Roanoke Valley
– 2020 avg price ($268,387) is higher by $71,474 (36.3% up) over 20-yr avg ($196,913)
– 2020 avg price ($268,387) is higher by $38,475 (16.7% up) over 2019 ($229,912)
AVERAGE DAYS ON MARKET (DOM) – RECORD LOWEST IN ROANOKE VALLEY HISTORY
– Chart below illustrates average DOM for each year from 2001 to 2020.
– Average DOM during those 20 years equals 87 days
– 2020 Avg DOM (52) is the lowest on record for the Roanoke Valley
– 2020 Avg DOM (52) is lower by 35 days (40.2% down) from 20-yr avg (87) GOOD!
– 2020 Avg DOM (52) is lower by 15 days (20.2% down) from 2019 (74) ALSO GOOD!
NATIONAL TRENDS
Below you’ll find national trends that are building a firm foundation for 2021 to be an excellent year for everyone. Click the blue links to see all of the great news!
CNBC.com
High home-builder confidence
Census.gov
High New Home Sales
Bureau of Labor Statistics, BLS.gov
Unemployment Rate
Mortgage Interest Rates Last 30 Years
Click Here For Interactive Chart
Housing Price Appreciation By State
Click Here For Interactive Map
Housing Price Appreciation In The Top 20 Cities
Click Here For Interactive Chart
Historical charts courtesy of Jamey Roberts at Residential Mortgage Services.
TODAY’S MORTGAGE RATES** – As of 2/25/2021
According to Bankrate.com the following mortgage interest rates** are available today:
30-Yr Fixed Conventional:
2.962% APR (2.875% rate $300k loan 20% down 740+ credit 0 pts $996/mo P&I)
15-Yr Fixed Conventional:
2.379% APR (2.375% rate $300k loan 20% down 740+ credit 0 pts $1586/mo P&I)
30-Yr Fixed FHA:
3.423% APR (3.125% rate $300k loan 5% down 740+ credit 0 pts $1346/mo P&I)
15-Yr Fixed FHA:
2.669% APR (2.500% rate $300k loan 5% down 740+ credit 0 pts $1993/mo P&I)