Hows the Roanoke Real Estate Market?
As we get into March, I wanted to talk briefly about the state of the real estate market as it stands today. After 6 years of being in a hot sellers market, the local real estate market started cooling off in the late summer of 2018. This cooling off trend has continued into early Spring.
the chart to the left shows monthly sales from April 2018 to March 2019. This chart is for home sales in the 76262 zip code only. As you can see in the chart, home sales in 76262 have dropped by more than half of the total number of sales we saw in June of 2018. Part of that can be attributed to seasonal fluctuations, but not all of it. The market has definitely softened.
With sales declining by such a huge margin, it shouldn't come as any surprise that the supply of inventory has increased. What we're seeing now are homes that are staying on the market longer. If your home is currently on the market, you may have noticed this shift.
As I was looking at market stats for the 76262 area, I also looked at the MLS stats for the entire area. The 76262 area in North Texas is not alone. The entire DFW metroplex is seeing the slow down in the real estate market.
What does this mean for the local real estate market as we head into the spring? I'll be saving that for another blog post.
If you would like more information on the local market, please feel free to contact me. If you want to get a head start on getting your home ready for sale, request a copy of my listing guide in the link below and I'll mail it immediately.
Ready to sell your home now? Request a free market analysis on your home in the link below, and we'll get started showing you why we're Roanoke's #1 experts since 2000!