Local Real Estate Market >> In a Nutshell
The summer real estate season in our local Harrisonburg and Rockingham County market did not disappoint. We’re starting to see contracts turn into sales, prices rise, and days on market drop. And although new listings continue to fall slightly, we’re confident that 2017 will continue to show healthy numbers throughout the fall. Take a closer look at our August Market Report!
Highlights of the August 2017 Harrisonburg Real Estate Market
- Sales have fallen by a mere 1% year-to-date (now at 845 total residential sales), but by 6% year-over-year (with 1303 in the books).
- 1426 contracts have been written over the past year, which is the same from last August. We’ll see most of those turn into sales.
- Homes are sitting on the market for significantly less time this year than last, at just 88 days year-to-date, and 92 days year-over-year (down 16% and 13%, respectively). In fact, 585 homes have gone under contract in 30 days or less over the past year, which is up nearly 25% from last year!
- Prices are increasing as well, with a 11% uptick in average price per square foot, and a 5% increase in median sales price compared to last year. Additionally, roughly 10% of homes have sold for a price over final asking price… that’s up nearly 10% from last year at this time.
What this means for home buyers and sellers
BUYERS: Inventory is dropping, homes are selling quickly, and prices are increasing. This is definitely a seller’s market, so we suggest that if you are thinking of purchasing a home, find out if you are ready, talk to one of our agents, and have fun with the process. We’re happy to help!
SELLERS: The “ball is in your court,” for the most part. If you are thinking of selling, now is a fantastic time. We know it sounds cliche, but the numbers don’t lie. The key is not whether your home will sell, but whether you price it right and market it strategically. We’d love to guide you through this process. Contact us!
Stay tuned for more Market Trends… right here on Harrisonblog.