In the real estate business, the fourth quarter of the year typically slows down significantly due to the holidays approaching and folks settling in for the duration of the calendar year. We can definitely see that happening in terms of new listings in our local Harrisonburg and Rockingham County market, which are holding steady from last year at this time, but sales and contracts continue to increase in 2016 (up 19% from last year!). The number of active buyers this year has led us to an uptick in sales of 14% year-to-date.

Here are some more positive notes on our local real estate market this month:

• Average days on market continues to drop, now at 104 days year-over-year, which is down 7%.
• Average price per square foot is now $108, which is the same as what it was last year at this time.
• Sellers are getting slightly more at the closing table now (97% of list price) than last year at this time.
• 10% of homes are also selling over final asking price, which is up nearly 3% from last month.
• Finally, we are seeing an increase in sales prices, with median sales price now at $190,000 in Harrisonburg/Rockingham, which is up from $185,000 last year.

Keep an eye on how the local real estate market finishes out 2016! Stay tuned for more Market Trends… right here on Harrisonblog.