Wednesday April 7, 2010
Let’s be honest. The housing downturn has affected us all. However, those of us in Roanoke have some good news over neighbors in other states – our home values have held up better. And that’s good news, because housing typically is an individual or family’s largest investment. Average home prices in Roanoke, Virginia historically have been approximately 5% lower than the national average.
As of December 31, 2009, the average home price in the Roanoke Valley was 9% HIGHER than the national average. The average home price in Roanoke declined 10% as of year-end 2009, from the peak of the local housing market in 2007. Compare that to the average home price nationally that is almost 30% lower from the peak of the housing market.
What does this mean?
It means that homes in Roanoke, Virginia are a good investment. While it does not mean that housing may not fluctuate in value over time, it does mean that housing in Roanoke has been a more secure investment than in other parts of the country. It’s been positive to say that our home prices are lower than the national average. However, that our average home now is higher than the national average is proof that housing in Roanoke has held its value during the worst housing downturn since the Great Depression better than many areas in the United States.
As the housing market continues to strengthen from its bottom, housing in Roanoke, Virginia should continue to provide stability and long term price appreciation. That’s why our motto at Boone Homes is “It’s a great time to buy a home!”