NRV Real Estate: Fewer Sales, But Prices Keep Climbing

The New River Valley housing market kicked off 2025 on the slower side. Fewer homes sold compared to last year—about 97 fewer deals, an 18% drop—but prices didn’t follow that same path.

In fact, the region’s typical home price rose to $255,000, up $30,000 from a year ago. Some places, like Bland County, saw huge price spikes. Others, like Tazewell and Floyd, had small drops. So it really depends on where you’re looking.

Montgomery County stayed strong with both steady sales and rising prices. Meanwhile, places like Pulaski and Floyd saw fewer sales and lower prices. Overall, the total money spent on homes in the area dropped by $14 million. Still, higher prices in spots like Radford and Montgomery helped offset some of that loss.

Homes aren’t flying off the market as fast as they used to, but they’re not sitting forever either. The average time to sell a home stayed at 39 days. In Montgomery County, it was just 8 days. But in slower spots like Bland or Grayson, it could take over 100 days.

More homes are hitting the market too. There were 941 active listings at the end of March, a 19% increase from last year. That means buyers have more options than they did a year ago, but inventory is still tight compared to demand.

Across Virginia, the economy’s been a bit shaky. There are fewer jobs than a couple months ago, and unemployment ticked up to 3.3%. In the NRV area, it’s a little higher at 4.2%. Mortgage rates are still high, but slightly better than last year—around 6.81% for a 30-year loan.

All in all, I’d say the market’s adjusting. Sales are down, but prices are holding strong, and more homes are popping up for buyers to choose from. It’s not booming, but it’s far from frozen.

Source Inspiration: Realtor.com