The Long & Foster Market Minute

Focus On: Cave Spring, and Southwest Roanoke County Housing Market June 2021

Zip Code(s): 24018 and 24059
Units Sold
73
Active Inventory
69
Median Sale Price
$300,500
Days On Market
29
Up 24%
Vs. Year Ago
Down -47%
Vs. Year Ago
Up 16%
Vs. Year Ago
Down -3%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 73 sold this month in Cave Spring, and Southwest Roanoke County Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 61 units or 47%. The total number of active inventory this June was 69 compared to 130 in June 2020. This month's supply remained stable as compared to last month.

Median Sale Price
Last June, the median sale price for Cave Spring, and Southwest Roanoke County Homes was $259,000. This June, the median sale price was approximately the same at $300,500. The current median sold price is 16% higher than in June 2020.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
66
Current Contracts
58
Sold Vs. List Price
100.2%
Months of Supply
0.9
No Change
Vs. Year Ago
Down -15%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Down -57%
Vs. Year Ago

Months of Supply
In June, there was 0.9 months of supply available in Cave Spring, and Southwest Roanoke County, compared to 2.2 in June 2020. That is a decrease of 57% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 66 homes newly listed for sale in Cave Spring, and Southwest Roanoke County, which is similar to the amount in June 2020. There were 58 current contracts pending sale this June compared to 68 a year ago. The number of current contracts is 15% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in Cave Spring, and Southwest Roanoke County was 100.2% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 29, lower than the average last year, which was 30, a decrease of 3%.

The Long & Foster Market Minute Cave Spring, and Southwest Roanoke County are defined as properties listed in zip code/s 24018 and 24059.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by Information included in this report is based on data supplied by the Roanoke Valley Association of REALTORS (RVAR) and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace as some brokerages choose not to provide transaction information. This may result in an understatement of completed sales and available listings. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of RVAR or Long & Foster Real Estate, Inc. or Long & Foster Real Estate, Inc.