Local Real Estate Market >> In a Nutshell
The Harrisonburg and Rockingham County real estate market is currently experiencing some sweet positive trends. (Just look at all that green up there!)
Happy Home Sellers
New listings are hovering around the same as they have been over the past year, but sales are up mightily across the board. Other stats that make sellers smile: more contracts written with fewer days on the market and at higher prices, urgent buyers (4.5% more urgency shown than last year, in fact), and 10% of total sales closing at prices higher than the final asking price. Really, there is no bad news here, sellers!
We’re also seeing a lot of swift activity from buyers. They are acting more quickly (415 homes went under contract within 30 days of list date over the past year), and settling at prices closer to asking (sellers are getting roughly 96% of their final list price).
It all comes down to location
You’ve heard it before… “location, location, location.” Where are folks purchasing, and for how much? Penn Laird is Harrisonburg’s closest geographical suburb, and not surprisingly, boasts the highest home prices at just over $280,000 on average. The further you get from the city, the lower the home prices. Thus, the average sales price in Grottoes is about $166k. Bridgewater and Mount Crawford tend to be more popular as well, due to their easy-to-access routes from I-81 and surrounding highways, plus their close proximity to large employers, such as Perdue, Marshall’s, Bridgewater College, and Dynamic Aviation.
As always, if you have any questions about the local real estate market, or are thinking of buying or selling a home (or know of someone who might be), give us a shout. We enjoy hearing from our faithful friends, followers, and neighbors!
Like what you see? Stay tuned for more Market Trends…
Pingback: Harrisonburg Real Estate Market Report: Year-End 2015 » Harrisonblog