Buying Land in Rockingham County

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Buying Land in Rockingham County
By Scott Rogers • July 10, 2009
One of my readers asked an excellent question after reading my latest real estate market report: A colleague is looking for an acreage tract for a new home but is frustrated because there "isn't much listed for sale" they say. For the 2009 comparison to be more meaningful, it seems that the number of closings should be correlated to the number of listed parcels. Otherwise, one could conclude that there is either a lot of land for sale and closings are slow or one could conclude that there is not much for sale and closings are actually significant in relation to available land. Can you produce a report for your MLS system for listed parcels above one acre in size? Further can you look at that for the average number of months that parcels are on the market? As you can see in this graph below, there have indeed been very few land sales (greater than 1 acre) this year --- in fact, 17 such transactions. So, how many such properties are even for sale these days? There are 194 properties in Rockingham County on the market for sale that are one acre or more. Of note, that is a 5.7 year supply of properties, to the extent that 17 sold in the first six months of 2009. Of those properties: 111 are between 1 and 5 acres 36 are between 5 and 15 acres 30 are between 15 and 50 acres 16 are more than 50 acres As to the time it took for them to sell, of the first 16 properties: 6 sold in the first four months 8 sold in 5-12 months 2 sold in more than a year The average time it took to sell a lot was 187 days. Receive updates from HarrisonburgHousingToday.com via e-mail: Enter your e-mail address: Recent Articles: Harrisonburg Area Home Sales Over $500K Continue To Soar In 2020 Preston Lake Has A Swimming Pool! Tell the City of Harrisonburg What You Think Should Change (or stay the same) In The Zoning and Subdivision Ordinances Contract Activity Continues Full Steam Ahead In October 2020 How Many Unrelated People Can Live In A House In Harrisonburg? Different Strategies for Buying A Rental Property For Your College Student Sometimes Buyers React Irrationally To Home Inspections Harrisonburg Area Home Sales and Prices Soar In September 2020! Is October (Right Now) Too Late In The Year To List Your Home For Sale? Large Mixed Use Development With 728 Homes (Plus Commercial Space) Planned On 133 Acres Just Outside Harrisonburg
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Oct 21, 2020 (unless otherwise noted).
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