Local Real Estate Market >> In a Nutshell
The fall real estate season in our local Harrisonburg and Rockingham County market has new listings turning into contracts, the average days on market has dropped drastically, and average price per square feet is rising. Take a closer look at our October Market Report!
Highlights of the October 2017 Harrisonburg Real Estate Market
- Sales have fallen by 5% year-to-date (now at 1,054 total residential sales), but have risen 1% year-over-year (with 1,278 in the books).
- 1,507 contracts have been written over the past year, which is down 3% from last October. 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 61 days year-to-date, and 87 days year-over-year (down a whopping 49% and 3%, respectively). In fact, 596 homes have gone under contract in 30 days or less over the past year, which is up over 26% from last year!
- Prices are increasing as well, with a 6% uptick in average price per square foot, and a 3% increase in median sales price compared to last year. Additionally, roughly 13% of homes have sold for a price over final asking price… that’s up nearly 32% 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.