As of today, we are over a year into the pandemic. I don’t know about you, but for me that is both hard to believe on the one hand, and on the other, it feels like this last year has dragged on forever! I want to take a moment and update you on how the real estate market has fared over this past year (just a hint … very well), as well as update you on some positive stats that make me optimistic about how our local economy will fare as we begin to emerge from Covid.
Positive Signs for Life After Covid in the NRV
Moog, Patton Logistics, Modea, Orsani and Torc Robotics are growing & will create 575 new jobs in the NRV. Click here and here to read more.
Applications to Virginia Tech have reached an all time high at 42,000 for 2021. Read more here.
Covid-19 Vaccinations are about to move into phase 1c, allowing more of the population access. Click here to learn more.
NRV Real Estate Market a Year after Quarantine
New home listings dropped by over 20% last year, however buyer demand stayed high, driving average sale prices up by nearly 10%. Home values are predicted to continue to rise through 2021.
As of April, Townside Property Management is on pace to have 100% of properties leased for 2021-2022 with less than 4% of nearly 700 properties managed yet to have leases signed. Less than 1% of rentals have asked for Covid-related rent assistance.
The historic sellers market we have experienced over the past few years has been supercharged by Covid & low interest rates. A continued lack of housing vs. demand has kept rents rising.
Keeping You Informed About New Construction in the NRV
New Student Apartments
The Hub Blacksburg: Located off of Patrick Henry and opening next year featuring 1-4 bed units priced at $905-$1,405/bedroom.
Cedar Pointe: Located off S. Main near 460 featuring 1-2 bed units priced at $950-$1,180/bedroom.
Union: Located off of University City Blvd. near Kroger featuring 424 new 1-4 bed apartments and townhomes opening in 2022.
New Construction Homes in Blacksburg
Givens Farm: Located off of N. Main featuring 4 bed, ~2800' homes starting at $485k.
Midtown: Located in downtown Bburg featuring 3-4 bed luxury townhomes priced between $380k-$700k+.
Villas at North Main: Located off of N. Main featuring 3-4 bed, 2200-2900' homes priced between $385k-$490k.
New Construction Homes in Christiansburg
Clifton: Located off of Peppers Ferry featuring 3 bed, 2300-3200' homes priced between $345k-$410k.
Kensington: Located off Radford Rd near 81 featuring 4 bed, 2200' homes priced between $335k-$375k.
Midway Estates: Located between C-burg & Roanoke featuring 4 bed, 1750-2000' homes priced between $250k-$275k.