Local Real Estate Market >> In a Nutshell
Last month, we shared how optimistic we were about the 2017 real estate market in Harrisonburg and Rockingham County. Now that we’ve got another month in the books, our optimism remains. February surged forward with a lot of positive stats in our local market, and we could be more thrilled about how the year is already shaping up.
Our optimism lies in these key facts:
- Residential sales year-over-year are up 14%, with 1,312 homes closed over the past 12 months.
- Contracts are up 18% year-over-year, with 1,470 written since last March.
- Days on Market has dropped to 101 days, which is down 7% from last year.
- Average price per square foot is up 4%, now at $111 for the local market.
What does it all mean?
- With sales and contracts both on the upswing plus days on market dropping slightly, it means home buyers are active and ready to purchase.
- In fact, over 10% of all home sales in our area close over final asking price, and 527 homes have sold within a month of being listed (that’s up nearly 23% from last year!).
- Average price per square foot on the rise means that sellers are getting more money on their home sales (97% of their final asking price, to be exact — which is up from last year at this time).
- Another positive sign for sellers is the uptick in median sales price, which has been slowly increasing over time, and is now at $192,000, up 3% from last year at this time.
Have questions about the numbers in this report? Thinking of buying or selling a home this year? Shoot us an email or give us a call! We’d love to chat.
Stay tuned for more Market Trends… right here on Harrisonblog.