Prices Climb While Sales Slide in the NRV
Sales activity across the New River Valley cooled off again this March, marking the third straight month of year-over-year decline. Just 189 homes sold across the region—a drop of over 15% from last March. Some areas were hit harder than others, with Wythe County sales cut nearly in half and Floyd County seeing an even steeper drop. But not every area followed that trend—places like Carroll County and Radford bucked it with double-digit increases in closed deals.
Interestingly, pending sales tell a different story. They actually ticked up slightly across the board, rising nearly 5% compared to last year. That means more buyers are getting under contract even if the final sales haven't caught up yet. Carroll and Grayson counties saw a massive leap in pending sales, suggesting potential rebounds coming their way. However, others like Giles and Wythe counties saw their pipeline shrink.
One of the biggest standout stats this month is the median home price, which jumped to $255,000—up 9% from last year. Montgomery County led the charge with a new peak of $400,000, a full third higher than where it stood last March. Some other counties saw big price surges too—Wythe rose nearly 40% and Bland nearly doubled. On the flip side, places like Galax and Tazewell saw noticeable drops in pricing, which might open doors for bargain hunters.
Buyers and sellers alike should note that homes are sitting on the market longer. The average time to sell rose to 76 days, up from 64 last year. Radford in particular saw a jump to 78 days, more than doubling its average from last March. It’s a reminder that pricing right and being patient might matter more than ever.
Inventory is growing, too. There were 941 active listings at the end of March, an increase of nearly 19%. That’s good news for buyers who’ve been struggling with limited options. Months of supply climbed to 4.2, hinting at a slow nudge toward a more balanced market, though it's still tilted toward sellers in many areas.
In short, March was a mixed bag. Prices keep climbing in many counties, but sales haven’t caught up, and homes are taking longer to move. Personally, I’d say this is a transitional moment. We’re not in the boom of years past, but there’s no crash either—just a shifting tide. If you’re thinking about buying or selling in the New River Valley, now might be a good time to start paying closer attention. Things are moving, just not always in the same direction.
Source Inspiration: Realtor.com