A Glance at Our Housing Market
In review of the real estate market analysis for the first two months of 2023 (January and February), Pulaski County enjoyed more total closings compared to our New River Valley neighbors. With 11 closings occurring in January, and 27 in the month of February, Pulaski County is realizing solid investment interest in our community comparatively.
Christiansburg’s booming market helped them enjoy the second most closings with 35, and Blacksburg finished with a total of 33. Radford City and Giles County rounded the bottom two with 29 and 13 respectively.
Available housing stock logically plays a big role in the number of closings, and it is why I believe Pulaski County is outperforming our neighbors on a per capita measure.
With interest rates having risen to more than 7 percent on a 30-year fixed mortgage, consumers are looking for affordable markets to help offset the interest rate increases and provide greater value for their money.
Home prices fluctuate from region to region, as do career opportunities, quality of life offerings and access to education and healthcare.
In examining the New River Valley, we find an almost perfect balance of opportunities, amenities, quality of life, K-12 to post-secondary education, public safety, healthcare and overall affordability.
Within this blessed rural region, we find certain communities that enjoy even greater value and return for the investment – Pulaski County, VA.
Pulaski County offers everything a family, young professional or retiree would want, along with a price point that is among the lowest in the NRV and Southwestern Virginia.
Diversity of options is also a key component to home selection. Pulaski County uniquely boasts the widest array of house settings to include lakefront and riverfront properties, golf course communities, mountain top views, numerous valleys, downtowns, farms, historic districts, wooded seclusion, and traditional neighborhoods.
When evaluating the average sale price in conjunction with the cost of living, quality of the education system, diversity of job offerings, access to outdoor recreation amenities and community assets, etc., it makes perfect sense for Pulaski County to be leading 2023 with the number of closings in the region.
In essence, the strategic investments that both local government leadership and the private sector continues to make in the community is finally paying dividends, and the number of closings is just one of the affirming metrics of measure.
It is also important to denote that Pulaski County is also experiencing record construction permitting, with 987 total permits (60 more than 2021) with an aggregate valuation of $85,807,320.00.
There were 53 new single-family residential units and 28 new manufactured units permitted in 2021, and a record breaking 58 new single-family residential units and 32 new manufactured units permitted in 2022.
Construction efforts remain relatively strong in the first quarter of 2023 for Pulaski County, with hopes our permitting numbers stay on course for a third straight record-breaking year.
With what we are both qualifying and quantifying, we are excited and optimistic about achieving our Comprehensive Plan goals and our overlying “40-By-30” objective of, having 40,000 people call Pulaski County their home by the year 2030.
“Pulaski County is…Continuously Growing”
March 10, 2023 @ 7:20 pm
I think it’s great that Mr. Sweet and the Board If Supervisors are working hard to ensure that this great county continues to grow in a positive way. I am also very pleased to hear that he is working toward creating more affordable housing that will be developed in the areas that also include the lake front, river front and golf course communities. We all understand that diversity makes a community stronger, and Pulaski County is on track to becoming a role model for surrounding Counties as well.