What's Happening?
Roanoke, Virginia, is becoming a popular destination for homebuyers from various U.S. metropolitan areas, according to recent data from Realtor.com. The scarcity of homes on the market nationwide, a lingering effect of the pandemic, has kept prices high
despite a slowdown in sales. This has led to increased online house hunting, with 97% of homebuyers using online resources according to a 2021 National Association of Realtors report. The data reveals that Washington, D.C., and New York City are the top two metros with the highest view shares for Roanoke properties, at 23% and 12% respectively. Other cities showing significant interest include Virginia Beach, Lynchburg, and Richmond.
Why It's Important?
The trend of homebuyers from larger metros looking towards smaller cities like Roanoke highlights a shift in housing preferences, possibly driven by the ongoing affordability crisis in major urban centers. This movement could impact local economies, potentially boosting real estate markets in smaller cities while alleviating some pressure on housing demand in larger metros. For Roanoke, this influx of interest could lead to increased economic activity and growth, but it may also strain local resources and infrastructure if not managed properly.
