2019 NEW RIVER VALLEY
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 new river valley
C O NTENTS HOW’S THE MARKET
5
2019 YEAR IN REVIEW
5
HOW TO READ THIS
6
NEW RIVER VALLEY MSA
7
BLACKSBURG
8
CHRISTIANSBURG
9
MONTGOMERY COUNTY
10
CITY OF RADFORD
11
FLOYD COUNTY
12
GILES COUNTY
13
PULASKI COUNTY
14
NEW CONSTRUCTION
15
FARMS & ESTATES
16
LOCAL LOVE
18
4
Nest Realty New River Valley
YEAR IN REVIEW N E W R I V E R VA L LE Y MA R K E T The question we likely get asked more than any is “How’s the market?” Seems that, like asking a meteorologist “Is it going to rain tomorrow,” it’s the one thing everyone wants to know of Realtors. And we ask in return, “What have you heard?”
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Ask anyone in our office “how’s the market” and they’ll all tell you that inventory is tight. Hands down, this is one of the tightest home-buying markets in some time, and that’s been a frustrating position for many people. Interest rates have remained historically low, even trending lower a bit, and that puts continued pressure on homeowners who, rather than selling and moving into something a bit more well-suited, are staying put and remodeling, refinancing, or both. In fact, our lender partners are
1,938
reporting that refinances nationwide are at some of
MILES RUN
their highest levels in quite some time.
1,938 miles run by Nesters in 2019.
What has been a tough market for buyers in 2019 could be seen as a great market for sellers. Lower number of available homes for sale has often meant greater demand, even in some areas of the New River Valley that have historically lagged behind traditional market trends. However, the rapid pace of the market has created some issues around appraisals, and with loans not being approved because market prices have increased so dramatically. 2019 has been an interesting year, to say the least. Our goal continues to be to educate, in whatever market you’re in, so that you can #MoveBOLDLY.
7 NONPROFIT DONATIONS Seven area school-related nonprofits donated to in 2019.
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
NE W R I V E R V A L L E Y M SA
TOTAL SALES VS. MEDIAN PRICE 2,200
$240,000
2,000
$220,000
1,800
$210,000
1,600
$200,000
1,400
$180,000
1,200
$160,000
2015
2016
2017
2018
2019
MSA
2017
%
2018
%
2019
Total Sales
1,393
-1.65
1,370
0.80%
1,381
$185,900
7.53
$199,900
9.55%
$219,000
Price per Sq. Ft.
$112
5.36
$118
5.08%
$124
Days on Market
62
-12.90
54
-16.67%
45
Avg. List Price
$234,118
6.54
$249,432
5.77%
$263,824
Avg. Sales Price
$216,985
4.14
$225,974
7.79%
$243,576
$302,260,105
2.42
$309,584,380
8.65%
$336,378,456
Median Price
Total Volume
TREND
*The NRV Area MSA consists of the Town of Blacksburg, Town of Christiansburg, City of Radford, Montgomery, Floyd, Giles, and Pulaski counties. Data as of 1/8/20.
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BLACKS BU R G 1986
9.60
2,576
1,305
AVERAGE YEAR HOUSES BUILT
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
BLACKSBURG
2018
%
2019
Total Sales
409
8.56
444
$285,000
8.77
$310,000
Price per Sq. Ft.
$145
4.83
$152
Days on Market
39
-17.95
32
Avg. List Price
$333,914
8.85
$363,469
Avg. Sales Price
$305,851
8.03
$330,416
$125,093,059
17.28
$146,704,704
Median Price
TOTAL SALES VS. MEDIAN PRICE 500
$320,000
450
$300,000
400
$280,000
350
$260,000
300
$240,000
250
$220,000
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)
AREA S P OTLIGHT
8
DOWNTOWN BLACKSBURG
CORPORATE RESEARCH CENTER
HUCKLEBERRY TRAIL EXTENSION
Downtown continues to be the hub of life
The Corporate Research Center will see
Th e H u c k l e b e r r y Tra i l ex p a n d e d eve n
in Blacksburg, with exciting new restaurant
significant changes as well. Several new
further in 2019, with extensions both on the
and brewery options being added in 2020,
companies, including 1901 Group and
Christiansburg side and the Blacksburg side.
as well as the first phase of the Midtown re-
block.one, decided to call the CRC home
The trail now connects directly to Jefferson
development starting in earnest.
in 2019, and construction continues on the
National Forest as well as to Downtown
runway expansion project for the nearby
Christiansburg, and continues to be popular
airport.
among residents.
C H RIST I A N SB U R G 1986 AVERAGE YEAR HOUSES BUILT
13.90
1,961
1,562
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
2018
%
2019
546
2.38
559
$199,000
3.52
$206,000
Price per Sq. Ft.
$114
4.39
$119
Days on Market
45
-15.56
38
Avg. List Price
$224,625
1.52
$228,034
Avg. Sales Price
$213,374
1.02
$215,551
$116,502,204
3.43
$120,493,009
CHRISTIANSBURG
Total Sales Median Price
Total Volume
TREND
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
550
$210,000
500
$200,000
450
$190,000
400
$180,000
350
$170,000
300
$160,000
Lot Size (in acres)
0
2.5
5.0
7.5
10 +
2015
2016
2017
2018
2019
AR E A S POT L I G H T
FARMERS MARKET
DOWNTOWN CHRISTIANSBURG
WONDER UNIVERSE
Running every Thursday between May and
The municipal seat of Montgomery
Wonder Universe re-opened its doors
October, the Christiansburg Farmers Market
County, Downtown Christiansburg plays
in 2019, relocating from Blacksburg to
is a mainstay of the downtown scene.
host to all sorts of festivals and parades
nearly 15,000 square feet of play and
Vendors offer products of all varieties,
throughout the year. From live music
learning space in the New River Valley
including locally roasted coffees, meats,
to artisan demonstrations and more,
Mall. The museum has partnered with local
wines, and more! Located on Hickock
Downtown Christiansburg offers it all.
vendors to provide hands-on play exhibits
Street, downtown, from 3-7 p.m.
for children ages 0-12.
9
M O NTGO M E RY CO UN TY
TOTAL SALES VS. MEDIAN PRICE 1,250
$240,000
1,200
$230,000
1,150
$220,000
1,100
$210,000
1,050
$200,000
1,000
$190,000
2015
2017
2018
2019
MONTGOMERY
2017
%
2018
%
2019
Total Sales
1,160
-9.5
1,050
4.0
1,092
Median Price
$197,874
13.7
$224,900
4.5
$235,000
Price per Sq. Ft.
$118.40
6.1
$125.67
5.0
$131.93
Days on Market
77
-40.3
46
-19.6
37
Avg. List Price
$230,030
10.0
$252,925
5.1
$265,746
Avg. Sales Price
$225,232
10.6
$249,101
5.2
$262,171
$261,269,632
0.1
$261,555,843
9.5
$286,290,491
Total Volume
10
2016
TREND
RA DFO R D 1964 AVERAGE YEAR HOUSES BUILT
3.20
1,908
2,113
% OF HOMES LESS THAN 5 YEARS OLD
AVERAGE DETACHED SQ. FT.
AVERAGE ATTACHED SQ. FT.
RADFORD
2018
%
2019
Total Sales
149
-23.49
114
$144,900
13.18
$164,000
Price per Sq. Ft.
$95
8.42
$103
Days on Market
48
-10.42
43
Avg. List Price
$154,948
16.45
$180,434
Avg. Sales Price
$153,271
14.44
$175,402
$22,837,379
-12.44
$19,995,828
Median Price
Total Volume
TREND
TOTAL SALES VS. MEDIAN PRICE
Price Range $0
$250,000
$500,000
$750,000
$1 M +
150
$170,000
140
$160,000
130
$150,000
120
$140,000
110
$130,000
100
$120,000
Lot Size (in acres)
0
2.5
5.0
7.5
10 +
2015
2016
2017
2018
2019
ARE A S POT L I G H T
WINTERFROST FARM
BISSET PARK
RADFORD THEATRE
Winterfrost Farm is located in Radford
Following along the New River through
Radford Theatre, the historic theater
a n d t a ke s i n a b u s e d , n e g l e c t e d , a n d
Radford, Bisset Park is a jewel for outdoor
located in Downtown Radford, is under new
surrendered horses. The staff works to
enthusiasts of the New River Valley. With
ownership! Local residents have purchased
care for and rehabilitate these horses, so
tennis courts, ball fields, and outdoor
the theater, and are working to make it the
that they can find their forever homes!
activities, there’s something for everyone.
hub of events in the area, while maintaining
One of their most beloved events is the
Whether you bike, fish, or float, you can
its historic feel.
Ride-A-Rescue program—check them out
enjoy it all in the heart of Radford.
at winterfrostfarm.org.
11
FLOYD CO UN TY
TOTAL SALES VS. MEDIAN PRICE 140
$240,000
130
$220,000
120
$200,000
110
$180,000
100
$160,000
90
$140,000
2015
FLOYD
2017
2018
2019
2017
%
2018
%
2019
134
-17.16
111
-1.80
109
$162,500
10.46
$179,500
16.99
$210,000
Price per Sq. Ft.
$109
4.59
$114
-3.51
$110
Days on Market
115
-1.74
113
-30.09
79
Avg. List Price
$236,109
30.59
$308,333
-7.73
$284,499
Avg. Sales Price
$182,734
8.82
$198,857
12.72
$224,150
$24,486,356
-9.86
$22,073,127
10.69
$24,432,350
Total Sales Median Price
Total Volume
12
2016
TREND
G I L E S CO UN T Y
TOTAL SALES VS. MEDIAN PRICE 150
$140,000
140
$130,000
130
$120,000
120
$110,000
110
$100,000
100
$90,000
2015
GILES
2016
2017
2018
2019
2017
%
2018
%
2019
TREND
140
4.29
146
0.68
147
FLAT
$119,000
0.76
$119,900
11.76
$134,000
Price per Sq. Ft.
$81
-1.23
$80
7.50
$86
Days on Market
98
-10.20
88
-2.27
86
Avg. List Price
$154,581
-0.64
$153,593
10.94
$170,396
Avg. Sales Price
$139,989
1.41
$141,957
11.69
$158,551
$19,598,460
5.75
$20,725,722
12.45
$23,306,997
Total Sales Median Price
Total Volume
13
P ULAS K I C O UN TY
TOTAL SALES VS. MEDIAN PRICE 450
$150,000
400
$140,000
350
$130,000
300
$120,000
250
$110,000
200
$100,000
2015
2017
2018
2019
PULASKI
2017
%
2018
%
2019
Total Sales
261
-7.28
242
3.31
250
$131,000
12.60
$147,500
1.69
$150,000
Price per Sq. Ft.
$83
8.43
$90
7.78
$97
Days on Market
76
-23.68
58
-25.86
43
Avg. List Price
$196,868
-8.62
$179,893
8.15
$194,554
Avg. Sales Price
$154,668
7.90
$166,880
7.21
$178,906
$40,368,348
0.04
$40,384,960
10.75
$44,726,500
Median Price
Total Volume
14
2016
TREND
N E W C ON ST R UC T I O N
NEW CONSTRUCTION
2017
%
2018
%
2019
102
3.90
106
-16.00
89
$282,500
-1.10
$279,350
3.10
$288,114
$148.70
-5.40
$140.62
8.00
$151.86
Avg. List Price
$299,976
-5.40
$283,786
5.90
$300,647
Avg. Sales Price
$302,836
-5.70
$285,652
6.80
$305,053
$30,889,237
-2.00
$30,279,081
-10.30
$27,149,713
Total Sales Median Price Price per Sq. Ft.
Total Volume
TREND
15
FARM S & EST A TES
LAND SALES 2019
MONTGOMERY
FLOYD
GILES
PULASKI
0-4.99 Acres
40
16
6
29
5-24.99 Acres
16
17
8
9
25+ Acres
7
15
8
8
MONTGOMERY
FLOYD
GILES
PULASKI
0-4.99 Acres
43
14
7
19
5-24.99 Acres
18
19
11
7
25+ Acres
10
19
7
8
MONTGOMERY
FLOYD
GILES
PULASKI
0-4.99 Acres
$61,250
$33,000
$45,000
$30,000
5-24.99 Acres
$70,000
$50,000
$26,000
$60,000
25+ Acres
$225,000
$164,500
$170,000
$160,250
MONTGOMERY
FLOYD
GILES
PULASKI
0-4.99 Acres
$52,500
$24,500
$15,100
$33,000
5-24.99 Acres
$73,500
$48,000
$59,100
$48,000
25+ Acres
$168,500
$150,000
$164,000
$100,000
LAND SALES 2018
LAND MEDIAN PRICE 2019
LAND MEDIAN PRICE 2018
16
17
OU R FAVO RIT ES FRO M T HE A REA
BLACKSBURG FARMERS MARKET
ROAM BIKES
Local, sustainable, authentic—these are just a few words to describe
Ready to cruise? Check out Roam Bikes, the bike share system for
the incredible Blacksburg Farmers Market in Blacksburg, Virginia.
the Blacksburg and Christiansburg area. Simply download the Sobi
Vendors and shoppers congregate downtown to enjoy each other’s
app, locate the nearest hub, unlock the bike, and ride! These bright
company and support the efforts of the area’s farmers and artisans.
orange beauties are rentable by the minute, hour, day...all the way up
You can find the freshest seasonal flowers, fruit, and vegetables,
to a yearly pass for just $60. Day passes start at $10 for 24 hours.
sample handcrafted crepes and bagels, vibe to live music, and mingle with the people who sustain this community every Saturday morning and most Wednesday afternoons year round.
FOAMO
CAMBRIA TRAIN DEPOT
If you haven’t tried rolled ice cream, you’re seriously missing out! This
Is it a toy store with books, or a bookstore with toys? It’s both!
stylish ice cream, crepe, and coffee shop is all the rage! FOAMO is
The Cambria Toy Station & Whistle Stop Books has something
co-owned by a Virginia Tech student and his brother, and stays open
special for everyone. Located in the historic Cambria Train Depot in
until midnight for those late-night cravings. It’s hard to choose—but
Christiansburg, VA, this circa 1868 shop is filled with goodies aimed
the Cinnamon Toast Crunch rolled ice cream is one of our favorites!
at expanding your imagination and finding your inner magic. All aboard the imagination express!
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New River Valley
AREA MAP 9
1
3 2 4
8 5
6
KEY 1. Giles County
4. Christiansburg
7. Floyd County
pg. 13
pg. 9
pg. 12
2. Pulaski County
5. Radford
8. Shawsville/Elliston
pg. 14
pg. 11
3. Blacksburg
6. Riner
9. Montgomery County
pg. 8
pg. 10
7
NEST REALTY NEW RIVER VALLEY 118 COUNTRY CLUB DRIVE SW BLACKSBURG, VA 24060 NESTREALTY.COM/NEW_RIVER_VALLEY