The Roanoker - July/August 2014 - 78

VOLUME UP, PRICES STABLE:
LAKE PROPERTY STILL LEADING
Roanoke Valley Multiple Listing Service Data provides
this snapshot of Roanoke Valley home sales over the
past six years. The average price has not fluctuated
much over that time, but the number of units sold was
up significantly in 2013.
2011

3,962 units sold

3,432 units sold

$792,147,173

$608,472,570

Average Price $197,889

Average Price $176,197

2009

2012

3,707 units sold

3,666 units sold

South Roanoke homes have shown a significant drop in value since the 2007 peak.

$704,274,576

$667,408,682

Young buyers aren't as
'emotional' as they once were.
They don't envision where to
place the Christmas tree; they
are somewhat more practical.

Average Price $188,855

Average Price: $180,302

2010

2013

3,269 units sold

4,307 units sold

$637,546,496

$830,755,132

Average Price $195,310

Average Price: $190,217

DAVID HUNGATE

2008

The rest? Ho-hum, but with a caveat. In some instances where average price drops were drastic, the
lower prices were partly due to the types of homes
that sold in 2013. More of the modest homes have
been selling, while in the past, the big-ticket homes
were hot. For example, the average price in 2007 in
Sherwood Forest (South Roanoke) was $524,150; in
2013, it was less than half that, $266,750.
"Smaller, older homes sold there," says Tim Toohig
of RE/MAX All Points, who compiled the 2013 data.
The same was true for Fairway Forest, where most
sales were in the original older neighborhood and
not in the higher end, newer homes. Ditto, Cherokee
Hills in Salem.

Average SOLD prices by municipality for the first four
months of 2014, as reported by the Roanoke Valley
MLS, shows Franklin County leading the way, with lake
property spiking the average price:
Municipality ...........................................Avg Sold Price
Franklin Co................................................ $253,212.61
Botetourt Co ............................................. $219,084.71
Bedford Co................................................ $209,826.54
Roanoke County ....................................... $202,052.69
Craig Co ...................................................... 168,994.44
Floyd Co .................................................... $166,446.43
City of Salem............................................. $161,299.49
Roanoke City ............................................ $138,181.24
Montgomery Co ....................................... $131,000.00
Vinton ....................................................... $121,916.48

THE TAKE FROM ZILLOW AND TRULIA:
A MARKET ON THE RISE
Zillow and Trulia, national real estate databases, offer their own market assessments, which show the area making
strides back. In mid-May, Zillow reported Roanoke Metro home values had gone up 7.5 percent over the past year
and projects will rise another 1.9 percent this year. Zillow also reported that some 29 percent of the properties
sold in the area were cut in price. Trulia, as of May 7, saw the average listing price for homes in Roanoke increase
3 percent over the previous week, potentially a sign for the better, too. Trulia also noted 187 homes in the area
were troubled loans, either already owned by the bank, being auctioned or near foreclosure. -SBK

78 JULY/AUGUST 2014

THE

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The Roanoker - July/August 2014

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