Welcome to the first weekly Roanoke Valley market update from The Lee Team! The short version for this week: mortgage rates are drifting down, buyers have plenty of homes to choose from, and prices are holding steady heading into the holiday season.
Mortgage rates fall for the third week in a row
Freddie Mac's weekly survey released Thursday, November 5 put the average 30-year fixed rate at 7.18%, down from 7.24% the week before and 7.32% in late October. That is three straight weekly declines. Rates are still higher than a year ago (about 6.2%), so affordability remains the biggest hurdle for many buyers - but the direction is encouraging.
What it means for you: On a $300,000 loan, every quarter-point drop saves roughly $50 a month. If you have been waiting on the sidelines, now is a good time to get pre-approved and compare quotes from two or three lenders.
What is for sale right now
As of this week, our MLS search shows about 530 single-family homes for sale with a Roanoke mailing address, with an average asking price around $366,000 (roughly $179 per square foot). In Salem, there are about 134 homes on the market averaging around $412,000. Asking prices range widely - from small fixer-uppers under $100,000 to estate homes near $2 million - so there truly is something for every budget.
About 130 Roanoke-address homes closed in the past month, so homes are still moving at a healthy pace.
October by the numbers (Roanoke City)
- Median sale price: $252,000 - up about 3% from October 2025
- Homes sold: 84, down from 102 in September (a normal seasonal slowdown)
- Median days on market: 25 days, up from 20 in September
Homes are taking a little longer to sell than they did over the summer, which gives buyers more time to make decisions and more room to negotiate. Well-priced, move-in-ready homes are still going under contract quickly.
The Lee Team's take
Buyers: The late fall and holiday season is often one of the best times to buy. There is less competition, sellers who list now are motivated, and falling rates help your budget stretch further.
Sellers: Pricing right from day one matters more than ever as days on market creep up. Homes that show well and are priced to the market are still selling - just not at the frenzied pace of a few years ago. Curious what yours is worth? Get a free home value estimate from The Lee Team.
Thinking about buying or selling in the Roanoke Valley? Contact The Lee Team for a free consultation. You can also search all Roanoke homes for sale right here on our site.
- The Lee Team
Sources: Freddie Mac Primary Mortgage Market Survey (Nov. 5, 2026); local MLS data for Roanoke city (October 2026) and live MLS data as of November 9, 2026. Figures are rounded and change daily.