Prices slightly lower in September compared to August
September housing prices were slightly lower than the record-levels set over the summer, sparking some debate over whether the market is finally cooling. But industry analysts caution that consumers must remember normal seasonal fluctuations before assuming the housing market is changing directions.
“September is typically a less frenetic market,” said Steve Habgood, president of MetroTex. “A lot of the demand over the summer is tied to consumers trying to get settled before the new school year starts. It’s no surprise that compared to August, the September sales figures were slightly lower.”
“If you look at last year compared to this year, however, September was still a very strong month in the Roanoke market,” continued Habgood.
Highlights of the MetroTex report include:
- 26 homes were sold in Roanoke in September, an 8% increase over last year.
- The average sales price in Roanoke area was $249,541, an 11% increase over last year.
- Average sales price is 98% of list price when listed with a REALTOR®
- Houses are selling in an average of 33 days, down from 41 a year ago.
Inventory continues to remain low in Roanoke, with an estimated 2.3 months of existing housing stock on the market. Less than 3 months inventory is considered to be a strong sellers’ market.