The Long & Foster Market Minute

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

Zip Code(s): 24018 and 24059
Units Sold
46
Active Inventory
60
Median Sale Price
$244,000
Days On Market
37
Up 10%
Vs. Year Ago
Down -59%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -30%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 46 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 88 units or 59%. The total number of active inventory this March was 60 compared to 148 in March 2020. This month's total of 60 is lower than the previous month's total supply of available inventory of 71, a decrease of 15%.

Median Sale Price
Last March, the median sale price for Cave Spring, and Southwest Roanoke County Homes was $232,225. This March, the median sale price was $244,000, an increase of 5% or $11,775 compared to last year. The current median sold price is 6% lower than in February.

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


New Listings
68
Current Contracts
66
Sold Vs. List Price
97.6%
Months of Supply
1.3
Down -11%
Vs. Year Ago
Up 25%
Vs. Year Ago
Down -1.2%
Vs. Year Ago
Down -63%
Vs. Year Ago

Months of Supply
In March, there was 1.3 months of supply available in Cave Spring, and Southwest Roanoke County, compared to 3.5 in March 2020. That is a decrease of 63% 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 68 homes newly listed for sale in Cave Spring, and Southwest Roanoke County compared to 76 in March 2020, a decrease of 11%. There were 66 current contracts pending sale this March compared to 53 a year ago. The number of current contracts is 25% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Cave Spring, and Southwest Roanoke County was 97.6% of the average list price, which is 1.2% lower than at this time last year.

Days on Market
This month, the average number of days on market was 37, lower than the average last year, which was 53, a decrease of 30%.

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.