Although the Harrisonburg and Rockingham County real estate market has experienced some “hot” moments this year, we saw a bit of a lull in activity in July. Overall, the market is healthy, though, and if the busyness of our team has any relation to the market as a whole, we’re excited to see what lies ahead for our area in the coming months. Here are the highlights for July 2015:

• Contracts are up across the board, with a 20% increase this July versus last July, a 10% uptick year-to-date, and an 8% rise over the past 12 months. We’re sure to see most of these turn into sales over the next few months!
• Speaking of sales, July slowed way down compared to last July, but we’re still seeing positive movement in 2015 and over the past year.
• New listings have also heeded a bit, with a 2% drop year-to-date, but again, the past 12 months shows a 6% increase. The number of sales nearly mirrors the number of new listings, which means the local market is moving steadily.
• Homes are sitting on the market for an average of 111 days (or about 3.5 months), selling for about $106 per square foot, and sellers are getting roughly 96% of their final asking price.
• There has also been an increase in buyer urgency over the past year, with 397 homes going under contract within 30 days of arriving on the market. That is up 8.2% from last month’s 12-month average, which directly effects with the drop in days on market overall.
• The median sales price for Harrisonburg and Rockingham County homes is $185,000, which is up from $173,000 at this same time last year.
• Finally, if you’re looking to purchase in the area and don’t know where to start, perhaps take a look at the “Price Gap by Town” graph above. This will help you visualize the price points in each locality nearby.

We’re thrilled with the current state of our local market, and look forward to finishing out the summer strong by providing our clients with the utmost in service. If you’re considering buying or selling a home, let us know. We’ll guide you through the process effectively and as smoothly as possible.

Like what you see? Stay tuned for more Market Trends…