2019 ROANOKE
ANNUAL REPORT
We’re here to answer the question
HOW’S THE MARKET? Happy New Year! 2019 was fantastic, thanks to wonderful clients like you. We know that buying or selling a home is an incredibly emotional process, so thank you for trusting us to be there with you every step of the way. As we look forward to the new year, let’s also look back on 2019 to explore the real estate market’s performance. At Nest, we make it a priority to stay informed on market trends so we can pass along the most up-to-date information to you. So whether you’re considering selling your existing home, purchasing a new home, or you simply enjoy keeping tabs on the real estate market in general, it’s our pleasure to present you with the 2019 Nest Realty Annual Report. Have questions about the report, or a friend who’s interested in buying or selling? We’d love to hear from you! Thank you once again for trusting us with your real estate needs. We wish you a happy new year, from our nest to yours!
Nest Realty Roanoke
C O NTENTS HOW’S THE MARKET
4
YEAR IN REVIEW
5
HOW TO READ THIS
6
ROANOKE MSA
7
ROANOKE COUNTY SOUTH
8
ROANOKE COUNTY EAST
10
ROANOKE COUNTY NORTH
10
ROANOKE COUNTY WEST
11
CITY OF SALEM
11
CITY OF ROANOKE SOUTHWEST
12
CITY OF ROANOKE SOUTH
13
DOWNTOWN
13
CITY OF ROANOKE SOUTHEAST
14
VINTON
14
CITY OF ROANOKE NORTHEAST
15
CITY OF ROANOKE NORTHWEST
15
SMITH MOUNTAIN LAKE - BEDFORD
16
SMITH MOUNTAIN LAKE - FRANKLIN
16
BOTETOURT COUNTY
17
NEW CONSTRUCTION
18
RO AN O K E MA R K E T Hello Roanoke Valley!
area and compare this across several Nest areas. We hope our first Annual Report gets you thinking about
Nest Realty is pleased to present our 2019 Nest
all the ins and outs of the local market and some
Annual Report. We put together this report to
wonderful local spotlights. Have questions? Great,
provide you insights on market trends overall as well
Nest is ready to be your local housing market expert!
as some of our key areas so you can make informed decisions regarding your real estate investments. The
On a national level, as 2019 information continues
one word to describe the current real estate market in
pouring in, here are some housing market trends.
Roanoke is STRONG!
The most compelling shift is in housing affordability. Low inventory has caused home prices to increase
Inventory is low, and coupled with historically (still)
throughout the year, but the actual affordability of
low interest rates, homes in move-in ready condition
homes has improved due to changing real wages and
which are priced effectively are moving quickly.
lower interest rates. Though low inventory continues to stifle sales volume growth, year over year sales
We also wanted to share some information about
are increasing based on slight supply increases
many of our local favorites. We strive to give you an
throughout the U.S.
overview of what you can get for your money in each
4
Nest Realty Roanoke
YEAR IN REVIEW
1
1914
OCTOBERNEST
YEAR OUR NEST HOUSE WAS BUILT
We officially have our first annual OctoberNest event under our belt. We were so excited to share food, craft beer, pumpkin decorating, music, and even more fun with our Friends of Nest. How will we top that?
A vacant listing became Roanoke’s first Nest House, benefiting a local free clinic and Habitat for Humanity. Built in 1914, we furnished the Victorian home with trendy finds from second hand shops.
12 TH
210
NEST LOCATION
FRIENDS OF NEST
Nest Realty Roanoke is the 12th location for Nest, which has been in business for more than 11 years now. We continue to grow our brand with 14 locations in four states— look for 15 in 2020!
Despite being in Roanoke less than a full year, our Nesters helped over 210 happy new Friends of Nest in 2019.
9
18
LOCAL PARTNERS
NESTY PETS
Since we opened our doors in March and became the 12th Nest location, we have shown our love and support by partnering with nine local businesses.
Our office has a total of 18 animals—and this doesn’t include teenage boys. Studies show pets make for a stress-free work environment, so you can usually find one visiting the office!
5
H OW TO RE A D YO UR R E P O RT We designed our graphs to give you a quick understanding of how the total number of sales has grown year over year, along with the median price. This knowledge can help support your decision to buy or sell.
TOTAL SALES VS. MEDIAN PRICE 4,000
$320,000
3,800
$300,000
3,600
$280,000
3,400
$260,000
3,200
$240,000
3,000
$220,000
2015
2016
2017
2018
2019
The graph table is a quick look at how the area has changed year after year. You can always check the side “trend” column to get a quick glance at how the market is doing. Just remember, a down arrow isn’t always scary. Sometimes you want the arrow to point down for days on market. This means that listed homes are selling quicker than in previous years.
MSA
2017
%
2018
%
2019
Total Sales
3,514
5.41
3,704
4.45
3,869
$275,000
7.27
$295,000
4.07
$307.000
Price per Sq. Ft.
$149
8.05
$161
1.24
$163
Days on Market
77
-12.99
67
-11.94
59
Avg. List Price
$351,523
8.04
$379,791
0.93
$383,329
Median Price
TREND
FLAT
Our candlestick graphs help explain the Nest areas more clearly. The top graph below shows the lowest and highest prices paid for a house within an entire Nest area last year, along with a block that shows you the price range in which the majority of the homes were sold. A similar graph, at the bottom of the page, defines the range of lot sizes available, along with a block that shows the range in which most lot sizes fell this year. first line is minimum
Last line is maximum
average range
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size (in acres)
average lot size
6
R OAN O K E M S A
TOTAL SALES VS. MEDIAN PRICE 5,500
$275,000
5,000
$250,000
4,500
$225,000
4,000
$200,000
3,500
$175,000
3,000
$150,000
2015
2016
2017
2018
2019
MSA
2017
%
2018
%
2019
TREND
Total Sales
4,317
1.25
4,371
0.21
4,380
FLAT
$169,000
5.33
$178,000
4.33
$185,714
Price per Sq. Ft.
$96
4.17
$100
6.00
$106
Days on Market
115
-6.96
107
-11.21
95
Avg. List Price
$202,755
4.37
$211,622
8.90
$230,453
Avg. Sales Price
$194,749
3.90
$202,346
5.34
$213,143
$840,731,433
5.20
$884,454,366
5.55
$933,566,340
Median Price
Total Volume
*The Roanoke MSA consists of Roanoke City, Salem City, and Roanoke, Boutetort, Bedford, and Franklin Counties. Data as of 1/6/20.
7
RO ANO K E CO UNTY S O UTH
TOTAL SALES VS. MEDIAN PRICE 700
$240,000
650
$230,000
600
$220,000
550
$210,000
500
$200,000
450
$190,000
2015
2017
2018
2019
2017
%
2018
%
2019
632
0.47
635
2.68
652
$225,950
-0.42
$225,000
3.11
$232,000
Price per Sq. Ft.
$105
0.95
$106
4.72
$111
Days on Market
117
-7.69
108
-13.89
93
Avg. List Price
$261,818
3.63
$271,334
4.34
$283,121
Avg. Sales Price
$264,392
-3.73
$254,540
4.18
$265,189
$167,095,744
-3.27
$161,632,900
6.97
$172,903,228
Total Sales Median Price
Total Volume
8
2016
TREND
OU R FAVO RIT ES FRO M T HE A REA
ELDERBERRY’S SMOOTHIES
BLOOM
SALEM LOCAL FIRE & EMS
We a l l l ove t h i s p l a c e a n d h a ve o u r
Located in the newly renovated Wasena
Salem’s local firefighters and emergency
favorites. But if you haven’t tried our very
strip of shops, Bloom is another favorite
responders focus on public education and
own Nest Smoothie, you’re missing out.
from the area. They have a slick and chic
prevention lessons in the community. Their
Not only does it taste great, but it’s also so
space with great food and cocktails—plus
citizens academy gives the community
Nesty! Stop by the Nest office and grab a
an amazing wine bar.
insight on emergency services and what
coupon to try one on us.
they cover.
RIVER & RAIL
BUBBLECAKE
PRESENT THYME
River & Rail Restaurant is expanding in the
Who doesn’t love desserts, especially
At Present Thyme Home, you’ll enjoy style
Crystal Spring area, moving into the former
when they are whimsically designed and
and luxury in an atmosphere of comfort
Tinnell’s location. They’re scheduled to
over-the-top? Specializing in big and mini
and elegance that you can use to transform
open sometime this summer, and we can’t
cupcakes, pies, cookies, and pastries has
and weave into the landscape of your
wait to see if the oyster wraps are just as
made Bubblecake a local staple since 2009.
home. This beautifully decorated shop is an
good at their second location.
inspiration hub for furnishing your home.
9
RO ANO K E CO UNTY EA ST 1982
7.87
2,072
1,932
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
160
6.88
171
$195,000
5.64
$206,000
Price per Sq. Ft.
$101
7.92
$109
Days on Market
92
-5.43
87
Avg. List Price
$209,364
9.90
$230,081
Avg. Sales Price
$206,069
8.49
$223,560
$32,971,040
15.95
$38,228,760
Total Sales Median Price
TOTAL SALES VS. MEDIAN PRICE 200
$210,000
180
$200,000
170
$190,000
160
$180,000
150
$170,000
140
$160,000
2015
2016
2017
2018
Total Volume
TREND
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size
2019
(in acres)
RO ANO K E CO UNTY NO RTH 1980
5.28
1,993
1,503
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
451
-4.88
429
$184,950
0.30
$185,500
Price per Sq. Ft.
$104
4.81
$109
Days on Market
101
-14.85
86
Avg. List Price
$201,852
8.71
$219,434
Avg. Sales Price
$198,496
3.27
$204,978
$89,521,696
-1.77
$87,935,562
Total Sales Median Price
TOTAL SALES VS. MEDIAN PRICE 500
$190,000
480
$185,000
460
$180,000
440
$175,000
420
$170,000
400
$165,000
2015
10
2016
2017
2018
2019
Total Volume
TREND
FLAT
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size (in acres)
R OAN O K E C O U N T Y W E ST 1985 AVERAGE YEAR HOUSES BUILT
12.03
2,104
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
2018
%
2019
203
-4.43
194
$230,500
4.12
$240,000
Price per Sq. Ft.
$114
5.26
$120
Days on Market
$137
-17.52
$113
Avg. List Price
$250,047
3.32
$258,347
Avg. Sales Price
$243,600
1.47
$247,172
$49,450,800
-3.03
$47,951,368
Total Sales Median Price
Total Volume
TREND
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
210
$240,000
200
$220,000
190
$200,000
180
$180,000
170
$160,000
160
$140,000
Lot Size (in acres)
0
5.0
2.5
7.5
2015
10 +
2016
2017
2018
2019
C I TY OF SA L E M 1969 AVERAGE YEAR HOUSES BUILT
6.00
1,948
1,556
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
321
-3.43
310
$164,950
2.76
$169,500
Price per Sq. Ft.
$103
8.74
$112
Days on Market
96
-13.54
83
Avg. List Price
$201,935
9.02
$220,150
Avg. Sales Price
$197,327
1.46
$200,201
$63,341,967
-2.02
$62,062,310
Total Sales Median Price
Total Volume
TREND
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
Lot Size (in acres)
0
2.5
5.0
7.5
10 +
340
$170,000
320
$165,000
300
$160,000
280
$155,000
260
$150,000
240
$145,000
2015
2016
2017
2018
2019
11
C I TY O F RO ANO K E S O UTH WEST CITY OF ROANOKE SOUTHWEST AREA SPOTLIGHT
1945 AVERAGE YEAR HOUSES BUILT
1.30 % OF HOMES LESS THAN 5 YEARS OLD
1,984
1,769
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
379
18.21
448
$176,000
10.77
$194,950
Price per Sq. Ft.
$105
3.81
$109
Days on Market
83
0.00
83
Avg. List Price
$201,244
7.43
$216,191
Avg. Sales Price
$196,175
5.11
$206,199
$74,350,325
24.25
$92,377,152
Total Sales Median Price
SCIENCE FUN The Science Museum of Western Virginia, located in the heart of Roanoke City, is great for all ages. Kids will love the Touch
TREND
FLAT
Tank and adults will enjoy monthly beercentric trivia and activity nights.
Total Volume
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size (in acres)
TOTAL SALES VS. MEDIAN PRICE
FARMBURGUESA Our favorite burger joint is already opening
450
$200,000
a second spot. Look out, Grandin, you are
425
$180,000
going to love this place as much as we do.
400
$160,000
Quick and delicious!
375
$140,000
350
$120,000
325
$100,000
2015
12
2016
2017
2018
2019
C I TY OF R O A N O K E SO UTH 1950 AVERAGE YEAR HOUSES BUILT
2.33
3,139
135
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
# OF HOUSES SOLD IN 2019
2018
%
2019
125
8.00
135
$288,850
13.21
$327,000
Price per Sq. Ft.
$126
0.00
$126
Days on Market
136
-16.18
114
Avg. List Price
$389,708
-3.33
$376,728
Avg. Sales Price
$336,703
12.27
$378,019
$42,087,875
21.25
$51,032,565
Total Sales Median Price
Total Volume
TREND
FLAT
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
150
$350,000
140
$325,000
130
$300,000
120
$275,000
110
$250,000
100
$225,000
Lot Size (in acres)
0
5.0
2.5
7.5
2015
10 +
2016
2017
2018
2019
D OW N TOW N
2018
%
2019
9
33.33
12
$190,750
-0.39
$190,000
Price per Sq. Ft.
$191
-7.85
$176
Days on Market
135
7.41
145
Avg. List Price
$266,811
13.98
$304,100
Avg. Sales Price
$275,844
-10.31
$247,408
$2,482,596
19.59
$2,968,896
Total Sales Median Price
Total Volume
TREND
FLAT
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
Lot Size (in acres)
0
2.5
5.0
7.5
10 +
12
$350,000
10
$300,000
8
$250,000
6
$200,000
4
$150,000
2
$100,000
2015
2016
2017
2018
2019
13
CITY OF ROANOKE SOUTHEAST 1942
1.22
1,366
960
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
164
4.88
172
$87,500
2.80
$89,950
Price per Sq. Ft.
$70
1.43
$71
Days on Market
116
-15.52
98
Avg. List Price
$91,630
6.53
$97,618
Avg. Sales Price
$88,702
5.77
$93,817
$14,547,128
10.93
$16,136,524
Total Sales Median Price
TOTAL SALES VS. MEDIAN PRICE 200
$100,000
180
$90,000
160
$80,000
140
$70,000
120
$60,000
100
$50,000
2015
2016
2017
2018
Total Volume
TREND
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size
2019
(in acres)
VI NTON 1962
1.55
1,602
1,421
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
135
-11.85
119
$139,000
4.28
$144,950
Price per Sq. Ft.
$88
12.50
$99
Days on Market
90
-15.56
76
Avg. List Price
$144,130
5.38
$151,891
Avg. Sales Price
$139,909
5.32
$147,347
$18,887,715
-7.17
$17,534,293
Total Sales Median Price
TOTAL SALES VS. MEDIAN PRICE 140
$150,000
130
$140,000
120
$130,000
110
$120,000
100
$110,000
90
$100,000
2015
14
2016
2017
2018
2019
Total Volume
TREND
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size (in acres)
CITY OF ROANOKE NORTHEAST 1962 AVERAGE YEAR HOUSES BUILT
1.70
1,498
1,501
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
339
1.18
343
$123,000
6.50
$131,000
Price per Sq. Ft.
$87
5.75
$92
Days on Market
93
-20.43
74
Avg. List Price
$126,943
5.46
$133,871
Avg. Sales Price
$124,260
4.68
$130,074
$42,124,140
5.91
$44,615,382
Total Sales Median Price
Total Volume
TREND
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
400
$150,000
380
$140,000
360
$130,000
340
$120,000
320
$110,000
300
$100,000
Lot Size (in acres)
0
5.0
2.5
7.5
2015
10 +
2016
2017
2018
2019
CITY OF ROANOKE NORTHWEST 1957
1.41
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
1,519
1,508
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
258
-17.05
214
$88,000
17.05
$103,000
Price per Sq. Ft.
$67
7.46
$72
Days on Market
105
-16.19
88
Avg. List Price
$96,044
18.43
$113,745
Avg. Sales Price
$93,765
13.33
$106,266
$24,191,370
-6.00
$22,740,924
Total Sales Median Price
Total Volume
TREND
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
Lot Size (in acres)
0
2.5
5.0
7.5
10 +
200
$110,000
280
$100,000
260
$90,000
240
$80,000
220
$70,000
200
$60,000
2015
2016
2017
2018
2019
15
SMITH MOUNTAIN LAKE - BEDFORD 1991
1.30
2,654
2,313
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
161
11.80
180
$400,000
-6.25
$375,000
Price per Sq. Ft.
$195
-8.72
$178
Days on Market
196
-25.00
147
Avg. List Price
$486,041
-0.85
$481,921
Avg. Sales Price
$436,407
-6.44
$408,306
$70,261,527
4.60
$73,495,080
Total Sales Median Price
TOTAL SALES VS. MEDIAN PRICE 200
$400,000
180
$380,000
160
$360,000
140
$340,000
120
$320,000
100
$300,000
2015
2016
2017
2018
Total Volume
TREND
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size
2019
(in acres)
SMITH MOUNTAIN LAKE - FRANKLIN 1996
3.77
3,174
2,647
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
254
35.04
343
$413,000
2.91
$425,000
Price per Sq. Ft.
$176
1.70
$179
Days on Market
222
8.56
241
Avg. List Price
$502,709
20.21
$604,289
Avg. Sales Price
$483,793
0.27
$485,110
$122,883,422
35.41
$166,392,730
Total Sales Median Price
TOTAL SALES VS. MEDIAN PRICE 350
$450,000
325
$400,000
300
$350,000
275
$300,000
250
$250,000
225
$200,000
2015
16
2016
2017
2018
2019
Total Volume
TREND
FLAT
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size (in acres)
BOTE TO U RT C O UN T Y BOTETOU RT A REA SPOTLIGHT
2018
%
2019
477
-2.73
464
$238,500
2.73
$245,000
Price per Sq. Ft.
$110
8.18
$119
Days on Market
114
-7.02
106
Avg. List Price
$264,243
9.60
$289,620
Avg. Sales Price
$256,122
2.73
$263,117
$122,170,194
-0.07
$122,086,288
Total Sales Median Price
1981
6.46
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
2,368
1,069
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
TREND
DALEVILLE TOWN CENTER Botetourt is growing rapidly. With the expansion of the Daleville Town Center, we predict this will be the area’s fastest growing community in 2020.
Total Volume
FLAT
Price Range $0
$250,000
$500,000
$750,000
$1 M +
0
2.5
5.0
7.5
10 +
Lot Size (in acres)
TOTAL SALES VS. MEDIAN PRICE
GOING GREEN
475
$250,000
If you love to play golf, this area can
450
$240,000
accommodate all levels of skill. Practice
425
$230,000
your putts and get ready to fall in love with
400
$220,000
Botetourt’s two fantastic golf courses.
375
$210,000
350
$200,000
2015
2016
2017
2018
2019
17
NE W C O NSTRUCTION
TOTAL SALES VS. MEDIAN PRICE 200
$290,000
180
$285,000
160
$280,000
140
$275,000
120
$270,000
100
$265,000
2015
2017
2018
2019
2017
%
2018
%
2019
165
19.39
197
-13.71
170
$271,162
3.98
$281,950
1.06
$284,950
Price per Sq. Ft.
$144
1.39
$146
4.79
$153
Days on Market
207
-6.76
193
-4.15
185
Avg. List Price
$292,872
0.60
$294,621
6.31
$313,210
Avg. Sales Price
$293,671
1.29
$297,452
3.35
$307,427
$48,455,715
20.93
$58,598,044
-10.81
$52,262,590
Total Sales Median Price
Total Volume
18
2016
TREND
Roanoke
AREA MAP
1
2 6
5
4
3
KEY 1. Botetourt County
4. Roanoke County
pg. 17
pg. 8-11
2. Bedford County
5. City of Roanoke
pg. 16
pg. 12-14
3. Franklin County
6. City of Salem
pg. 16
pg. 11
NEST REALTY ROANOKE 129 SALEM AVENUE SW, SUITE A ROANOKE, VA 24011 NESTREALTY.COM