Local Real Estate Market >> In a Nutshell
The local Harrisonburg and Rockingham County real estate market continues to produce strong sales, and what’s even better news is that contracts are up considerably since last year at this time! We’re thrilled with how the market is faring this year, but instead of gushing about how happy we are, we’ll let the numbers speak for themselves.
Highlights from the September 2016 Real Estate Market //
- New listings remain steady over the long term, offering a good dose of inventory for home buyers.
- Nearly 1,000 residential sales have closed so far in 2016, which is up 16% over 2015.
- 20% more buyers have committed to purchase residential property this year.
- Homes are sitting on the market for less time, at 103 days on average year-to-date, which is down 6% from last year at this time.
- Average price per square foot is up 3% (at $111/SF) year-to-date.
- 123 homes have sold over final asking price over the past year, which makes up nearly 10% of total sales.
- 500 homes have gone under contract within 30 days of list date over the past year!
- Sales prices are finally inching upward, with median sales price now at $189,000. That’s up 2% from last year.
Good News for Home Buyers and Sellers //
Buyers: although prices are on the rise, inventory remains steady, even into these fall months which typically slow slightly, so you have plenty of homes to choose from. However, with so many other buyers actively searching for homes, you may not have the luxury of waiting around before putting in an offer on “the one.”
Sellers: homes are selling quicker and for more dime! If you are considering putting your home on the market, we’d love to chat with you. Send us a quick email!
Homeowners: our local market is very healthy, with sales prices and price per square foot on the rise, and homes selling rather quickly. Plus, the active population of buyers and number of contracts being written will provide security for the coming months. Rest assured knowing that Harrisonburg/Rockingham is experiencing a bit of real estate bliss! Need a home valuation? Complete this form to receive a free one.