Housing market cooling in the New River Valley

BLACKSBURG, Va. (WDBJ) - Realtors in the New River Valley say the housing market is starting to cool off.

The New River Valley Association of Realtors says there’s less competition for houses in the NRV.

Some homes that would’ve gotten up to 10 offers a year ago, are only seeing one to three now.

Year over year, the median sales price of homes is still up four percent from 2021.

“During the pandemic, there was unprecedented buyer demand and we think that that was pretty much fueled by the historically low interest rates,” President of the Nrew River Valley Association of Realtors Kelly Griffin said. “This most recent rate hike, I think the one in mid-June, was really the one that has cooled everything down considerably.”

The Federal Reserve recently raised interest rates by .75% percent to help combat inflation.

The NRV Association of Realtors says it’s still a slight sellers market.

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