ROANOKE, Va. – Naomi Wright and her husband are looking for a new home after living in their Daleville home for about three years.
“It’ll be sad to leave this place, but we’ll be happy to start fresh in a new place with new memories,” said Wright.
Wright said they want more space. When she moved here with her family, it was just the two of them and two dogs. Now, they have four dogs and a 1-year-old.
Her home has been on the market for about a couple of weeks, and she said they’ve seen more houses this time around than when they were looking three years ago.
“Lots of homes, some good, some not so great, but it’s nice to see a vast majority,” explained Wright.
The Virginia REALTORS February 2025 Virginia Home Sales Report said 6,129 homes were sold in Virginia in February, a reduction of 604 sales from last February.
The report indicates that home prices are trending upwards in some parts of the Commonwealth. It also revealed that the February median sales price was $403,500, nearly $19,000 higher than last year.
We asked a local realtor what they were seeing in our area and were able to get insights on the current market trends.
Five Stone Realty, which serves Roanoke, Botetourt, Bedford and Salem, said the housing market has slowed down, and homes are on the market slightly longer than they used to be over the last couple of years.
The median days on the market was 17 days in February, according to the Virginia REALTORS report. The report shows that’s two more days than February 2024.
In Roanoke, homes sell after 24 days compared to 16 days last year, according to Redfin.
However, there is some good news.
“More inventory has come on the market. So there’s more opportunity for buyers to be able to actually shop, see it and take time to make a decision,” said Broker Landon Johnson with Five Stone Realty.
10 News asked if the prices of homes have increased and was told there isn’t much difference from last February to this February.
“We’ve actually been looking at numbers. It was about a 30% increase from what was on the market last year to this year. So, more to pick from. It just gives buyers more opportunity to shop around,” said Johnson.
The Roanoke Valley Association of Realtors reported that 306 homes were sold this February, and the average home price was $328,784. Last February, 310 homes were sold, and the average home price was $328,325.
The Roanoke Valley Association of Realtors serves Bedford, Botetourt, Craig, Franklin and Roanoke Counties. The group also serves Roanoke and Salem Cities.
Johnson noted that right now, there are about 750 to 800 homes on the market in the Roanoke area selling between $250,000 to $300,000 for a single-family home.
He said some advice for anyone who has a home on the market is to meet with an agent who knows how to stage, market and price the property well.
“That’s the number one indicator of how fast a home will sell. If you price it right, and if you have it in good condition, it shows well,” said Johnson.
Johnson advised that if you’re looking to buy right now, it’s important to have a good agent as well.
“Get with a good agent that’s going to teach you how to make offers, how to shop for homes, and things that are important to you. And also get with a good lender that’s going to give you information on what you can afford and what that payment ultimately looks like on a monthly basis,” said Johnson.
For anyone concerned about a recession, Johnson offered this advice: “I think in Roanoke, the market is going to dictate kind of what you need to do. And so it would be just what works best for you and your circumstance. So again, just taking your time and educate yourself,” said Johnson.
As for the Wrights, Naomi Wright said they have already found a home they want to buy.
They are just waiting to sell their current home that they bought for a little under $300,000. However, with the renovations they made, they’re selling it for $400,000.
“It’ll be sad to leave this place, but we’ll be happy to start fresh in a new place with new memories,” said Wright.
