We are pleased with how the Harrisonburg real estate market fared in October. Entering the final quarter of the year usually begins the “leveling off” of both contracts and sales because folks are gearing up for the holiday season, but this year, October remained surprisingly strong. Sales were boosted to over 2%, contracts are up nearly 6%, and average price per square foot increased by $3.69! Read on for more details…

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October had another gain in sales, bringing the year-to-date change to +2.1%. This is due to the healthy number of contracts written over the past few months. Other key stats here are a significant 3.6% increase in average price per square foot — thanks to the higher average selling price — and a shorter time on the market (about a month!).

 

Contracts jumped by 5.7% over last year at this time, with an average list price of those homes going under contract at $215,269, which is 3.4% higher than a year ago. These homes are also slightly larger than last October, and sat on the market for about a month less time.

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Sales prices in October were higher than any other October over the past four years, which means the economy is strengthening. Buyers are continuing to commit to purchase properties for higher amounts of money and at a quicker pace. Sellers, be confident in listing your home! The current local market has proven over the past year that sales are strong, and sellers are getting nearly 97% of their final asking price, while having their home on the market for an average of roughly five and a half months. (Not to mention the increase of $3.69 in average price per square foot to $105.94.) Buyers, there are a wealth of homes to choose from, but beware… the great homes at great values don’t stay on the market for long.  Stay tuned for more market trends…

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