Low housing inventory in Virginia means higher sales prices. (Photo: Annie Andersen)
ROANOKE, Va. (WSET) — Virginians are feeling good about the real estate market.
That’s according to a new poll from Roanoke College. The poll shows that 42% more Virginians are optimistic about the housing market than they were at this time last year. It goes on to say that looking ahead to the coming hear, that number goes down, but is still higher than it was last year.
In Roanoke’s Old Southwest, for sale signs are pretty rare. There are quite a few rentals, but for sale signs aren’t as common.
Neighbors keep an eye on when they go up and also when they come down. One man who lives at 4th Street and Abermarle Avenue says he saw one go up and within three weeks it was under contract.
Joe Kraft, a realtor who works in Old Southwest, says the number of sales has held steady from February of last year to February of this year.
However, a new poll from Roanoke college shows that in Virginia, there were 6.6% fewer listings from the past year.
That low inventory comes with some good news. Statewide, median housing sales were also up- about $20 thousand from last year.
Going back to freshman economics, realtors say, this is a prime example of of supply and demand.
"Taking those items under consideration, price condition and location, we are seeing multiple offer situations in our market. If you were considering to put your property on the market, it would be a very good time to take that more seriously," advised Kraft.
Kraft says right now one of the main things people are looking for is walk-ability and good schools- so those multiple offers are happening in areas that have those.
Buyers also have some good news. Despite prices increasing, Blacksburg, Lynchburg and Roanoke are still the cheapest areas to buy in the entire state, according to the study.