With four months of 2016 in the books, the Harrisonburg and Rockingham County real estate market is cruising along nicely. Actually, let’s call it “speeding.” The spring market is a seriously busy time. So far this year, we’ve seen plenty of new listings hit the market, and more times than not, they go under contract within a month or two. Buyers are excited and active, and sellers are closing quickly and for top dollar!

Take a look at April’s highlights

• 198 new residential listings came on the market, which is up 22% from last April.
• We saw a 23% increase in sales this April versus last April.
• Contracts are still strong — only down 2%.
• Average price per square foot was at $110 — up 4% from last April.

The Bigger Picture Tells a Thrilling Story

Looking at the big picture — year-to-date and year-over-year — gives us a better idea of how the market is really performing. Key takeaways include:

• A 14% increase in new listings. Sellers are selling!
• A significant increase in sales — 25% year-to-date and 14% year-over-year.
• An uptick in contracts written of 26% year-to-date and 8% year-over-year.
• Stability in length of time on the market, average price per square foot, and the percentage of total sales price that sellers are getting.
• Buyers are expressing urgency, with 440 homes going under contract within 30 days of list date. That is up 2.6% year-over-year.
• Median sales price continues to remain stable around $186,000 for the Harrisonburg/Rockingham residential market, which is up 3% from last year at this time.

We are excited to see how home buyers and sellers shape the local market over the next few months as a majority of the contracts mentioned above turn into sales. If you are thinking of buying or selling a home in the area, now is a fantastic time to make your move. We’d love to help you, answer your questions, and walk you through the process smoothly. Send us a message to get started!

Stay tuned for more Market Trends… right here on Harrisonblog.