February Snapshot of New River Valley's Housing Market
Home sales across Virginia's New River Valley region slipped again in February, continuing the trend we’ve seen this winter. Only 151 homes sold during the month, which is down about 3% compared to last year. Carroll and Pulaski counties took some of the biggest hits, with double-digit percentage drops. That said, a few spots like Grayson and Tazewell counties saw a small bump in sales, reminding us that not every area moves in sync.
Pending sales, a good indicator of future closings, dropped more sharply—down over 16% overall. Montgomery County saw a steep 32% drop, with similar slowdowns in Pulaski and Giles. On the flip side, Carroll, Grayson, and Galax posted impressive rebounds in pending contracts, suggesting some local sparks of momentum heading into spring.
Now for the price talk. The median sales price in the region rose to $250,000, an 11% jump from last February. Pulaski County led the way with a nearly 25% leap, while places like Giles and Wythe saw their prices nearly double. But not everyone’s riding high—Radford, Floyd, and Tazewell counties all posted notable price dips. Personally, I think that kind of uneven price movement just shows how hyper-local the market really is.
Homes are still selling close to asking price, with sellers getting an average of 99.1% of what they’re asking. In some areas like Montgomery and Giles, homes are going for full price or better. But in places like Radford and Pulaski, buyers are negotiating a little more off the top.
Inventory is on the rise, which is good news for buyers who felt squeezed last year. There were 850 active listings in February, about 11% more than a year ago. Radford, Galax, and Carroll County saw the biggest increases. That growing supply pushed the region's months of inventory up to 3.7—still not a buyer’s market, but a bit more breathing room than last year.
The average time a home sat on the market was 67 days, just a hair quicker than last February. Some areas saw huge slowdowns—like Galax, where the average jumped to 140 days—while others, like Montgomery County, moved faster, down to just 28 days.
In summary, I’d say we’re seeing a market in flux. Fewer homes are selling, but the ones that do are commanding higher prices in many spots. More listings are showing up, and sellers may need to be a little more patient—or flexible—if they want to close quickly this spring.
Source Inspiration: Realtor.com