Local Real Estate Market >> In a Nutshell
Did you notice that our featured listing is located in Penn Laird, where the average sales price is $287,460? Did you also notice that this particular property, which boasts over 2 acres of gently rolling land and mountain views, is listed about $20K less than the average sales price? Talk about value!
Now, diving into the meat of the local real estate statistics, we can see that September has not fared nearly as well as the previous few months, but that is to be expected. The Harrisonburg and Rockingham County area typically sees a dip in new listings, contracts, and sales just after the summer finishes up, but we’re hopeful that October will show us some positive movement.
What’s more important is to look at the bigger picture — that is, year-to-date and year-long trends.
- The number of new listings is holding steady, which means sellers are still active, and buyers still have plenty of inventory to choose from.
- Sales and contracts have both increased since last year, proving that home buyers are active in our local market. However, their activity has slowed a bit in terms of urgency (we saw a 4.8% drop in homes going under contract within 30 days of list date) and sales over asking price (4.4% drop).
- Although buyer urgency has slowed, average days on market has continued to decrease. And sellers can expect to have their home on the market for approximately 111 days before selling, on average.
- Average price per square foot also continues to increase, with year-to-date at $108 (+2%) and year-long at $107 (+3%).
- The median sales price for the past year in Harrisonburg and Rockingham County is $186,00, which is up 7% from last year’s number at $174,321.
Have questions about the local real estate market? Comment below or contact us! We’re happy to help.
Like what you see? Stay tuned for more Market Trends…