Roanoke median home prices increase 11% over past year

Published: Jun. 15, 2022 at 8:29 PM EDT
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ROANOKE, Va. (WDBJ) - Prices for homes across the country keep increasing, and potential homeowners are seeing the price hike here in Roanoke. Some buyers in Roanoke are frustrated with the high sticker price of homes.

The Roanoke Valley Association of Realtors reports an 11% increase in the median price for homes. Potential homeowners are paying about $30 thousand more for homes than they were this time last year.

Fred Najjum is trying to buy a home in Roanoke, but after 15 months of searching, options are limited.

“Everything is pretty much overpriced. And the stuff that I’ve been looking at in my price range, you have to re-do this, re-do that,” Najjum said.

The average price of homes increased 21% since 2021.

“It’s been a struggle just trying to find something that suits my needs in my price range,” Najjum said.

Houses that are on the market don’t stay listed for very long.

“Something comes up and it’s nice, its gone in 24 to 48 hours,” Najjum said.

Low inventory and high demand are causing home prices to soar. Ashely Wainwright Donahue, President of the Roanoke Valley Association of Realtors, explained how the market is affecting realtors, too.

“Where we would typically see much, much higher stats on available homes in the market, we’re seeing a quarter of those homes available now,” Wainwright Donahue said.

The average home price is about $60,000 higher than last year’s average price, at $343,909 in 2022 compared to $283,621 in 2021.

“What we’ve been seeing is not enough homes for the buyers who are demanding homes,” Wainwright Donahue said.

Realtors are recommending potential homeowners stay in constant communication with their agents to stay updated about offers and contracts.

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