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, January 24, 2024
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.
