Learn more about this month's Featured Property:  3853 Traveler Road

I just published my monthly report on the Harrisonburg and Rockingham County real estate market.  Jump to the full online market report, watch the overview video below, or download the PDF, or read on for highlights....

A Video Overview....



 
Let's start by taking a look at the overall market performance in January and over the past twelve months....



Strong Sales Pace....

As shown above, we saw a strong month of sales in January -- with 67 home sales, as compared to only 49 last January.  This 37% year-over-year improvement in January 2016 contributed to a 6.42% year-over-year increase in the annualized pace of home sales in Harrisonburg and Rockingham County.

Increasing Prices....

While the median price ticked down 0.51% when only looking at January 2016 figures, the median sales price over the past 12 months increased by 2.83% to $185,000 compared to the previous 12 months.

Faster Sales...

Homes are also selling faster -- at a median pace of 55 days on the market based on sales in the past 12 months.




When looking at a rolling 12-month time frame in the graph above, we note that:

• After increasing from $175K to $185K roughly a year ago, median prices have been quite stable since that time around $185,000.
   
• The annual pace of sales has been steadily increasing over the past several years to its current level of 1,143 home sales -- the third highest level of annualized home sales seen in the past eight years.
   
  

Buyers and sellers signed 74 contracts in January 2016 -- as compared to 76 last January.  This is despite a large snowstorm that slowed down the market for at least a week during January.  This is an indicator that we are likely to see a similar number of February home sales this year as we did last year.
  

Inventory levels (the number of homes for sale) are at their lowest levels seen anytime in the past eight months.  This is not surprising given the time of year we are in -- though year-over-year inventory levels have also declined by 2%.
 

More and Much, Much More....

There is more, oh so much more, in my full year-end real estate market report.  I have even made it very easily accessible for you to read online....



And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market!  Learn what has been happening recently, what is happening now, and what is likely to happen next.  Being informed will allow you to make better real estate decisions.

If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started.