One word can sum up the 2016 real estate market: WOW. Month after month throughout the year, we pulled numbers and analyzed statistics for the Harrisonburg and Rockingham County real estate market, and month after month, we were incredibly pleased with the results. In fact, a few times, we were simply blown away by the positive growth for our local community. Take a look at how the year finished in our December Market Report!

The highlights for the 2016 Harrisonburg real estate market…

• New listings dropped by 4%, which is actually a positive thing for sellers because inventory was more stable. With less options for buyers, sellers were able to sell quicker and for higher prices.
• Sales increased by 17%! 1,309 homes sold in 2016, compared to 1,119 in 2015.
• The uptick in sales proves that buyers were active. So active, in fact, that they put 507 homes under contract within 30 days of list date, and 132 homes sold over their final asking price.
• Contracts rose by 19%, from 1,245 written in 2015 to 1,478 in 2016!
• Homes sat on the market for about a week less in 2016, with the average days on market at 103 — or about 3.5 months.
• Home values appear to be on the rise as well. Average price per square foot is now at $111, which is up from $108 in 2015 (that’s a 3% increase).
• Median sales price increased from $185,000 in 2015 to $192,500 in 2016, which is up 4% in just 12 months.

Needless to say, we’re thrilled with the full year results of our local real estate market, and pumped up about 2017. If you, or someone you know, is thinking about buying or selling real estate this year, give us a shout. We’d be happy to chat over coffee, email, or phone about how we can help.

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