Local Real Estate Market >> In a Nutshell
Positive numbers are so pretty, aren’t they? The Harrisonburg and Rockingham County real estate market is trending upwards in many ways. Here are the highlights:
- 8% more homes are hitting the market this year compared to last — with a 4% drop year-to-date. The extra inventory gives buyers more options to choose from.
- However, sales are up by 12% over last year, which is more than the rate of new listings. Buyers are using their purchasing power swiftly and homes aren’t sitting on the market for long.
- In fact, average days on market is down 9% over the past year, and 11% year-to-date.
- Good news for sellers: the average price per square foot is up 2%, and is now at $107 for the past 12 months, or $108 year-to-date.
- 10% of sales are closing at a price higher than the seller’s final asking price, but overall, sellers are getting 96% of their list price.
- The median sales price is $185,000, which is 5% higher than last year.
- Most expensive area to purchase = Penn Laird ($280,891 average sales price). Least expensive = Grottoes ($159,613 average sales price).
We’re happy with the current state of the local real estate market. Our area is seeing healthy upward trends in all areas and price points. If you’re thinking of buying or selling a home, we’d love to discuss your options. Give us a shout!
Like what you see? Stay tuned for more Market Trends…