How long might it take to sell a home priced over $400K?


How long might it take to sell a home priced over $400K?
By Scott Rogers • August 12, 2014
Technically, it could take quite a while -- as there is a 25 month supply of these homes currently on the market. What does this mean? Let's examine it.... During the past 12 months there have been 46 home sales over $400K. That is an average of 3.8 such sales per month. There are currently 95 such listings on the market for sale. As such, it would take 25 months (95 / 3.8) to sell all of these active listings. As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply). This final tidbit might be the most interesting, however.... Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market. How could this be, you might ask? Where is the disconnect? Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months. As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months). Receive Updates by Email Recent Articles: Buyer Demand Exceeds Supply In Varying Degrees By Price Range Pending Home Sales Data Points To Slower Months Of Home Sales Ahead Detached Resale Home Sales Decline 39% In Two Years, Down To... Pre Covid Norm What A Great Time To Sell Your Million Dollar Home Home Buyers Who Bought Homes Two Years Ago Thought They Were Paying Crazy High Prices For Their Homes How Likely Is It That We Will Find A House That Fits You Better Than This One In The Next 90 Days? Fewer Home Sellers, Thus Fewer Home Buyers, But Ever Higher Sales Prices In Early 2023 First Look At February 2023 Home Sales Valley View Village, To Include 420 Apartments, Proposed For Reservoir Street Balancing Optimism, Pessimism And Realism When Thinking About An Almost Perfect House
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 Mar 21, 2023 (unless otherwise noted).
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