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Roanoke Valley sees continued increase in home sales

Published: Oct. 15, 2020 at 5:39 PM EDT
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ROANOKE COUNTY, Va. (WDBJ) - It’s continuing to be a great year for home sales in the Roanoke Valley, despite the COVID-19 pandemic.

Over 600 homes have been sold each month since June, and September set a new record.

“We’re seeing almost a 1-to-1 listed-to-sold ratio month after month after month, which, again, to me, is incredible," Walter Grewe, President of the 2020 Roanoke Valley Association of Realtors, said.

The Multiple Listing Service reported 615 homes were sold last month; that’s the highest number of homes sold in any September in the organization’s history.

“It really is shocking to me to see these numbers in September. Usually, we start seeing families, people kind of focusing on going back to school," Grewe said.

September showed a 27% increase over September 2019. Grewe says this increase could be in part because more folks are now working from home.

“And they are realizing the space they are currently living in is not suiting their needs. What we are also seeing is historically low interest rates," he said.

Grewe says realtors are also seeing a lot of competition and higher housing prices because of low inventory numbers. There was a 29% increase in the average price of homes sold in September.

“If things continue the way they are now, we should see the economy and the Roanoke housing market continuing to move along the way we are," Grewe said.

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