Luke published his monthly analysis of the local housing market earlier this week and had some good thoughts and insights for buyers, sellers and homeowners.

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It's fair to say the Harrisonburg and Rockingham County housing market remains steady -- not racing ahead, but not stalling either. Prices have held strong, sales have stabilized, inventory is a bit higher, and mortgage rates are trending slightly lower. Altogether, it suggests a market that’s cooling from the intensity of recent years but remains healthy and active.

Buyers -- You have more breathing room than you did a year or two ago. There are a few more options on the market and slightly less competition, and with mortgage rates easing, affordability is inching in the right direction. You’ll still need to act quickly on well-priced listings, but it’s a friendlier environment than the frenzied market of 2021-2022.

Sellers -- The market is still in your favor, though not quite as strongly as before. Homes that are priced right and presented well are continuing to sell quickly and close to list price. Overpricing, however, can result in a longer time on the market. Accurate pricing and preparation remain key to success.

Homeowners -- You’re likely sitting in a great position, with steady home values and your mortgage rates likely still well below current offerings. The stability in prices and the return of a more balanced market are both signs of a maturing, sustainable local housing climate.

As we head into the colder months, activity will naturally slow, but the fundamentals remain strong. We’ll see whether the slight easing in mortgage rates and seasonal shifts set the stage for a more active spring market ahead.

If you’re considering a move -- whether buying your first home or selling your current one -- feel free to reach out.  I’d love to help you navigate the market and make sense of what these numbers mean for your situation.

You can call or text me at 540-830-5097, or send me an email at luke@lukewrogers.com.