3rd Quarter Virginia Home Sales Stats Are In!

The Virginia Association of REALTORS (VAR) has just published the 2008 Quarter 3 home sales statistics. See below for home sales versus 2007 3rd quarter sales in Harrisonburg and Rockingham County.

Harrisonburg / Rockingham County 3rd Quarter 2008 Data

Q3 2008 Home Sales: 280
Q3 2007 Home Sales: 353
Percent Change: -20.7%

Q3 2008 Median Sales Price: $199,900
Q3 2007 Median Sales Price: $199,282
Percent Change: 0.3%

In essence, while home sales are down, prices haven’t changed much. The average sales price for 3rd quarter 2008 in our area was $225,052. In a buyer’s market like we’re experiencing now, there are more high end, luxury homes sitting on the market for a longer period of time. The more affordable houses are selling a lot quicker than those that are priced higher. Why? Well, one theory, and probably the best, is that first time home buyers are not needing to sell a current home before purchasing a new one. But, first time home buyers usually cannot afford luxury homes, either. Thus, the homes in the $150,000 – $250,000 range are not experiencing as long of a shelf life.

About Lisa Oates

Lisa is the creative mind behind The Harrisonburg Homes Team, providing streamlined content management, quality authorship, and graphic design for Harrisonblog. She's passionate about blogging, enjoying life, and a good cup of coffee.