Median Roanoke home prices rise 11% from last year

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ROANOKE, Va. (WDBJ) – Home prices across the country keep rising, and prospective homeowners are seeing the price rise here in Roanoke. Some Roanoke buyers are frustrated with high home prices.

The Roanoke Valley Association of Realtors reports an 11% increase in the median home price. Potential homeowners are paying about $30,000 more for their homes than this time last year.

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

“Everything is pretty much overpriced. And the things that I looked at in my price range, you have to do this again, do that again,” Najjum said.

The average house price has increased by 21% since 2021.

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

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

“Something happens and it’s fine, it’s gone in 24 to 48 hours,” Najjum said.

Low inventory and strong demand are driving up home prices. Ashely Wainwright Donahue, president of the Roanoke Valley Association of Realtors, explained how the market is also affecting real estate agents.

“Where we would typically see much higher stats of homes available on 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, from $283,621 in 2021.

“What we’ve seen is that there aren’t enough homes for buyers asking for homes,” Wainwright Donahue said.

Real estate agents recommend that potential owners stay in constant communication with their agents to keep up to date with offers and contracts.

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