Mid-Year Pulse on the NRV Real Estate Market

Disclosure: This is a paid post sponsored by Nest Realty SWVA.

It's August, Hokies, and football season is right around the corner! Hope everyone's as excited to get back to Blacksburg, as we are at Nest Realty to see you back!

If you're not familiar with us, Nest Realty is a small, boutique real estate firm (started by a Cavalier!) located here in the New River Valley, just a short walk away from Virginia Tech. We're different, in a lot of ways, from other brokerages in the real estate space, and one of those ways is how we share market data. There's so much real estate information out there, and one of the things we work hard to do is to streamline that info into manageable, relevant data points that you can use — as a buyer or seller — to make the best decision for you.

Twice a year, we put out our Nest Report. It's a statistical, clear-eyed look at what's happening in the New River Valley real estate market, year-over-year. Just data, no fluff. Our latest report, our Mid-Year report, was just published. Here are a few of the highlights:

You can find your full copy at NestMarketReports.com. We hope you enjoy it.

If there's something we can clarify or answer for you, reach out to me directly at Jeremy@NestRealty.com and I'll get back to you quickly. And if you're back in town this season, stop in and see us! We're at 118 Country Club Drive SW, right next to the Gucci Kroger.

Go Hokies!

Jeremy Hart
Principal Broker
Nest Realty
540.443.6100
NestRealtyNRV.com

Comments

2022 Season Challenge: Wrasslin'
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maybe one day. How's the turnover on single family rentals? I would assume there are parents that buy a place for their kids for a couple years and look to move it when they have graduated.

Also what's the going rate for a place near Center Street and what's the realtors polished way of saying "close by awesome tailgating"?

I am not sure what to do with my hands now

what's the realtors polished way of saying "close by awesome tailgating"?

"Friendly, active neighborhood"

I don't know about Center Street but was looking at renting a house in the neighborhood between there and Gucci Kroger. 1800 square foot, 1950's cape style- the Zillow estimate on it was $435,000.

I see a new construction house advertised 3 miles outside town- 1500 square foot house on 7500 square feet of property for $490,000. Blacksburg prices are crazy compared to anything around.

Blacksburg prices are crazy compared to anything around.

No argument there, it can be head-scratching at times.

Single-family rentals haven't turned over much in the last couple years, but that's due in large part to interest rates being so low that people have refinanced and held on to them. That's going to continue for the foreseeable future; there's currently one single-family on the market in town limits that we'd consider a target for rental - 5 beds, 3 baths, $495,000. There are three condos/townhomes that would rent, $235,000-315,000. So with rental rates ranging from $600-900/bedroom, options are slim for a while until people get tired of carrying them.

Expect double-digit price increases through the end of the year, then a much more reasonable 2-3% in 2023 and, likely, 2024.

As for Center Street ... "active neighborhood" seems to fit the bill pretty succinctly!