April 2025: Buyers are Slowing, But Sellers Shouldn’t Panic
The New River Valley housing market saw some mixed signals in April. First, let’s talk about homes for sale. Inventory is up. There were 11% more residential homes on the market than this time last year. More options should be good for buyers, right? Sort of. While there are more homes out there, they’re also sitting on the market longer. The average time to get an offer jumped from 30 to 43 days. Buyers are taking their time, and in many cases, still holding out for something move-in ready.
Now, sellers might be wondering if prices are crashing. They’re not—but they are cooling off a bit. The median home price in the area dropped about 6% compared to last April, landing at $278,000. However, the average sale price actually nudged up slightly, which suggests that while some homes are going for less, others are still pulling solid numbers—likely the ones that are priced right and well-presented.
Sales themselves are slowing. Closed sales of residential properties were down nearly 11%, and pending sales—which show what’s coming next—barely moved. It’s not all doom and gloom, though. New listings were up 17%, which tells me that homeowners are still feeling confident enough to put their places on the market.
Land sales are following a different rhythm. Fewer new land listings came on the market, and sales were down across the board. But interestingly, land is selling faster than it was a year ago. The median sales price for land dropped pretty sharply, but that’s likely due to smaller or lower-value parcels making up more of the mix this month.
One area that’s seen a positive shift is affordability. Thanks to the dip in median home prices and a slight shift in income versus cost, the affordability index ticked up nearly 10%. That’s a rare bit of good news for buyers who’ve been squeezed by high prices and interest rates the past few years.
In summary, I’d say the market is in a bit of a reset phase. Sellers are adjusting expectations, buyers are moving cautiously, and inventory is slowly building. It’s not booming, but it’s not busting either. If you’re buying, patience is your friend. If you’re selling, pricing smart and making your home shine still goes a long way.
Source Inspiration: Realtor.com