Two years ago the "median days on market" was 15 days in Harrisonburg and Rockingham County.

By a year ago, it had dropped to a median of six days on the market.

Given that interest rates are rising, I thought perhaps we might be seeing this metric (how quickly homes are going under contract) start to rise in Harrisonburg and Rockingham County.

And I was right!  Things are SLOWING DOWN!  ;-)  Wink, wink, nudge, nudge.

The graph above starts by looking at the median days on market over the past five months... the median was five days.

Then, over just the most recent four months... still a median of five days.

Next, over just the past three months, when interest rates started to rise... still a median of five days.

Well what about over the past two months... still a median of five days.

But, ah ha!  I finally found it.  The sign the market is really slowing down.  The median days on market has increased 20% (!!!!) when we get to that last data point... the median days on market over the past month is... SIX days!

:-)

So, bottom line, did things go under contract more slowly over the past month than in previous months?  Oh, yes, by one day. 

Is it a sign that the market is slowing?  I suppose so.  Barely. 

We'd need to see more of a change than what is described above and shown above to conclude that buyer enthusiasm is measurably declining.

Stay tuned to see if that median days on market figure will scrape and claw it's way back up to SEVEN days sometime in the next few months.