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How's the Real Estate Market in the New River Valley?

How's the Real Estate Market in the New River Valley?

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Published by nrvliving
Everyone keeps asking "how's the real estate market?" Here's a look at the numbers ... from www.NRVLiving.com
Everyone keeps asking "how's the real estate market?" Here's a look at the numbers ... from www.NRVLiving.com

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Published by: nrvliving on Oct 05, 2010
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05/12/2014

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It’s on the tip of everyone’s tongue, and friends and strangers alike all ask ... “How’s the market?” It’s okay, I don’t mind.I even had one person pat me on the back as they asked, as if I’d just lost my dog. For the curious among us, here’s avisual of the market.Reprinted fromhttp://www.nrvliving.com/2010/09/28/hows-the-market-since-the-homebuyer-tax-credit-expired/
The Tax Credit Has Expired - How’s The Market?
 By Jeremy Hart, NRVLiving.com and Coldwell Banker Townside, Realtors Blacksburg, VA
It’s inevitable – everyone wants to know how the realestate market in the New River Valley is. The truth is …
sodo I.
Anecdotally it seems that the market has slowed invirtually all price points, but that’s only my perspective.When you look at the median sales prices in Blacksburg(
24060
), Christiansburg (
24073
) and Radford (
), youcan see the bigger picture. The graph to the right showsmedian sales prices of single-family detached homes,month by month, over the last nine months ...Honestly, I don’t mind the values much at all. ExcusingBlacksburg’s September numbers (which included foursales of $592000, $484000, $379000 and $319500), mediansales prices of single-family homes haven’t varied greatlymonth-by-month since the beginning of the year.But, when you look at the number of closings inBlacksburg, Christiansburg and Radford (to the right), youcan see a bit more clearly at what’s really happening in themarket ... see that drop in June/July? Those two ski slopes(I’ve no idea why Radford has seen an uptick in closingssince July) in Blacksburg and Christiansburg? That’s theHomebuyer Tax Credit expiration – buyers eligible for the$8000 credit had to close by the end of the day on June30th 2010 – and since then, market activity has been … well
wonky
.What happens to real estate in the New River Valley? I think it’s slow paddling the next several months, until the job marketbecomes clearer, for one thing.From August:
“… in order for things to improve here locally, watch unemployment. As the unemployment numbers for the New River Valley  go down, expect that consumer confidence –and the real estate market – will go up.”

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