Market Balance (Months of Supply) By Price Range

Most housing market analysts consider six months of inventory (active listings) to be an indicator of a balanced market (between buyers and sellers). This past month, our local housing market achieved that balance for the first time in a long time -- the number of buyers buying in a six months period exceeded (just barely) the number of houses for sale.

HOWEVER -- it is important to note that this overall market reality can obscure the underlying trends in different segments of our local market.  As shown above....

• The "Under $200K" market reached a balance almost two years ago and is now somewhat under-supplied with only 4.1 months of supply available.
   
• The $200K - $300K market is relatively balanced, but with a slight over-supply at 6.6 months of supply available.
   
  
• The $300K - $400K market is somewhat balanced, with more of an excess of listings, with 7.8 months of supply available.
   
• The "$400K and up" market is not at all balanced, with 14.3 months of supply available -- but it has certainly improved over the past few years.
  

Read more about the latest market trends at HarrisonburgHousingMarket.com....