The bigger they are (houses), the harder they fall (sales)?
Scott P. Rogers
At the current pace of the market, it would take 21 months to sell all of the housing currently on the market in Harrisonburg and Rockingham County priced over $400,000. Wow, those expensive homes certainly are suffering, aren't they? Maybe not.....
While large homes are not always expensive, and expensive homes are not always large, the trend above might be surprising given how many expensive homes are on the market. The graph above illustrates that although the pace of all home sales has fallen quite drastically over the past three years (a 38% decline), sales of large homes (3,000+ square feet) have only declined by 19%.
So, it seems that the inventory statistics don't tell us the entire story. There are a relatively similar number of buyers of large homes in the marketplace as compared to three years ago......but significantly more sellers!
While large homes are not always expensive, and expensive homes are not always large, the trend above might be surprising given how many expensive homes are on the market. The graph above illustrates that although the pace of all home sales has fallen quite drastically over the past three years (a 38% decline), sales of large homes (3,000+ square feet) have only declined by 19%.
So, it seems that the inventory statistics don't tell us the entire story. There are a relatively similar number of buyers of large homes in the marketplace as compared to three years ago......but significantly more sellers!
