Local Real Estate Market >> In a Nutshell
The Harrisonburg and Rockingham County residential real estate market is experiencing truly positive movement this year. The spring market is in full swing, and our team can attest to its busyness… in a great way!
Positive Trends in Our Local Market
- Sales have increased fairly significantly across the board, with 83 total in March, 218 (+17%!) year-to-date, and 1154 over the past year.
- Contracts are up across the board as well, which means buyers are active and ready to purchase.
- Average days on market has dropped by 35% year-to-date! Homes are currently sitting on the market for just over 100 days (or about 3.5 months).
- Median sales price has increased over the past year by 4% to $186,500.
What to Watch For
- Average price per square foot remains steady, with no change month-to-month, +3% year-to-date, and -1% year-over-year. We expect the coming months to bring this statistic up as many homes are selling quickly and not allowing time for price drops.
- Similarly, average sold/list percentage hasn’t experienced much change, holding firm at 95% – 96%.
- Buyer urgency is expected to rise over the next few months as the homes that have gone under contract quickly this month turn into actual sales. The term “flying off the shelves” comes to mind!
Overall, we are thrilled with how the local market is performing, and excited to see what the coming months produce. If you are considering selling, we encourage you to contact us and act now! If you are on the fence about buying, be sure to let us know and we can help you navigate through the home purchasing process.
Stay tuned for more Market Trends… right here on Harrisonblog.