Many or most resale homes have been going under contract very quickly when they have been listed for sale over the past four years in Harrisonburg and Rockingham County -- largely because demand for these homes has exceeded supply.
I don't expect that we will see supply exceeding demand this coming spring, but I also don't know that most sellers should expect to have their homes under contract within just a few days as has often been the case for the past few years.
Looking at resale homes that have closed in Harrisonburg and Rockingham County over the past 60 days...
- Only 37 homes were under contract in less than a week, while 74 took longer than a week to go under contract.
- 67 homes were under contract in less than a month, while 44 took more than a month to go under contract.
- 88 homes were under contract in less than two months, while 23 took more than two months to go under contract.
- 99 homes were under contract in less than three months, while 12 took more than three months to go under contract.
Will we see a fast moving real estate market in Spring 2024 in Harrisonburg and Rockingham County?
Likely so.
Will most home sellers be able to count on their homes being under contract within a few days?
Maybe not.