Is Roanoke, VA 24016 a buyer’s or seller’s market?

The Roanoke housing market right now

In the three months ending August 31, 2026, 13% of homes in Roanoke, VA 24016 sold above their list price, the typical home went under contract in 38 days and there were 5.8 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 24 home sales.

Compared with the same period a year earlier, the share selling over asking was about the same (13% then), homes sold faster (49 days then) and the median sale price fell 16% to $229,901. Overall, Roanoke is more competitive than a year ago, so tougher for buyers.

Within Roanoke city, homes here sell more slowly than in 80% of the county’s ZIP codes, and sell less often over asking than in 80%. On our competition score, Roanoke ranks #322 of 358 VA ZIP codes with enough sales (score 29 out of 100).

Nearby, buyers who want less competition could look at Roanoke 24011 (0% sold over asking), while Roanoke 24013 (24% sold over asking) and Roanoke 24015 (22% sold over asking) are even more competitive.