Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, August 26, 2020
So - there are only 186 homes for sale in all of Harrisonburg and Rockingham County. Which, as you can see above, is much lower than the number of homes for sale for most of the past 12 years.
Breaking it down a bit further by location...
- 49 homes for sale in the City of Harrisonburg
- 137 homes for sale in Rockingham County
...and by property type...
- 149 detached homes for sale
- 31 townhomes and duplexes for sale
- 6 condos for sale
...and by price...
- 26 homes for sale under $200K
- 56 homes for sale between $200K and $300K
- 40 homes for sale between $300K and $400K
- 64 homes for sale over $400K
Regardless of how you break it down, there are fewer options for buyers today than there have ever been at any other point in the past 12 (plus) years.
One important caveat is that the lack of inventory at any given point does not mean that there aren't as many houses selling. There have been 1300-ish home sales per year for the past few years, despite continually declining inventory levels. So, basically, homes are coming on the market - but they are going under contract VERY QUICKLY - so inventory levels have been staying low or getting lower!
What does this mean for buyers?
- You should plan to go see houses QUICKLY once they are listed for sale.
- You should talk to a lender ASAP (ask me if you need a recommendation) so you have a prequalification in hand if you choose to make an offer.
- You should know that you might be competing with multiple other buyers.
- You may need to use an escalation clause in your offer.
It's not necessarily a totally fun time to buy a home right now because of these low (low!!!) inventory levels -- but it is possible to buy a home.
Let me know if you'd like to chat about inventory levels in your particular segment of the local housing market.
