Local Real Estate Market >> In a Nutshell
Mid-summer in Harrisonburg and Rockingham County has proven to continue on a steady rise in our local real estate market. The past year boasts only positive numbers, and we could not be happier with the way 2016 is shaping up.
Highlights for the July 2016 real estate market:
- 715 homes have sold so far in 2016, which is up 13% from last year at the same time. 73% are single family (detached) homes, while 27% are townhomes, duplexes, and condos.
- Buyers are active and contracts are rising, with pending sales up 19% year-to-date, and 12% year-over-year.
- Buyers are also acting quickly, putting 469 homes under contract within 30 days of list date over the past 12 months.
- Homes are selling slightly faster than last year, with an average of 109 days on the market (down 1%), and for more cash at $111 per square foot on average year-to-date (up 2%).
- The median sales price is now $186,000 year-over-year, up 1% from $184,900 last year.
One last note: Penn Laird’s average home price is now over $300k, and Bridgewater, Dayton, Mount Crawford, and McGaheysville continue to hold steady in the $210k – $235k range on average. Looking to live in the city? Average price in Harrisonburg is about $185k.
What does this mean for you? Key takeaways from the July 2016 Market Report:
- If you are selling, there is nothing but good news here! Overall, buyers are actively searching, and committing to purchase quickly. Plus, sellers are getting 96% – 97% of their final asking price.
- If you are buying, great news: with such a healthy market, sellers are more willing to put their homes on the market now, giving you plenty of inventory to choose from. A bit of advice for you buyers out there… make sure you have your “ducks in a row” so that when you find the house you’d like to buy, you’re all set to make an offer and move forward.
- If you are a homeowner, perfectly content to stay put, bask in the glory of knowing home values continue to steadily rise. And remember to maintain — or even increase — your home’s value. Here’s the best way to prove that you’ve improved your home’s value.
Stay tuned for more Market Trends… right here on Harrisonblog.