November ended up providing us with another great month for the Harrisonburg and Rockingham County real estate market. Though sales dropped for the month, year-to-date sales compared to 2013 are up 2.6%. Sales prices and price per square foot are also on the rise, and days on market has dropped by an average of 20 days! Read on for more details…

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Sales in November dropped by 39.3% compared to October, but overall throughout the year, sales have increased by 2.6%. Average sales price has risen by 1.6% year-to-date, and price per square foot is up by $3.88 compared to 2013. Homes are also selling 20 days faster on average this year, giving sellers nearly a month less of a mortgage payment to make!

Contracts are up nearly 10% compared to last year!

 

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Price per square foot has proven steady all year, remaining healthier than the last four years. This is good news for sellers because this, along with a shorter time on the market (by 20 days on average) and the fact that they’re getting about 96% of their final asking price, they can list their home with confidence in today’s local real estate market. Contracts are higher this year than 3 of the past 4 years, too. Buyers are committing to purchase residential properties, even during these winter months. We’re excited to see what December brings to the Harrisonburg area real estate market to wrap up 2014!  Stay tuned for more market trends…

 

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