If you'll be selling your home soon, your home's price range may significantly impact how quickly it goes under contract.

Taking a look at home sales over the past six months in Harrisonburg and Rockingham County, it is clear (in the graph above) that the higher the price point, the longer it tends to take for a home to go under contract.

Over those past six months, here's the median days on market (list date to contract date) for homes that have sold:

Under $300K: 9 days

$300K to $500K: 11 days

$500K to $700K: 21 days

Over $700K: 45 days

In other words, homes under $500K are typically going under contract in about a week and a half, while homes over $700K are taking about six weeks on average.

This trend is not altogether surprising, as there are more buyers shopping under $500K than there are buyers looking at homes above $700K. As a home's price increases, the potential buyer pool usually becomes smaller, which often leads to longer time on the market.

This data does not indicate that higher-priced homes are not selling -- they definitely are -- but it does mean that homes at a higher price point often take a bit longer to sell.

For sellers, this context for time on the market can be helpful when preparing to list your home. If you are selling a $275K home and it has not received strong interest after two weeks, we should look carefully at pricing, condition and marketing -- but if you are selling an $800K home, two weeks on the market is still potentially very early in the process.