City Housing Inventory Levels Stabilizing, At Extraordinarily Low Levels
Scott P. Rogers
Perhaps inventory levels (number of houses for sale) can only go so low in the City of Harrisonburg. As shown above, inventory levels are "stabilizing" around 100 homes for sale. This is still a significant decline from where we have been over the past six years, but at least the trajectory is not still declining.
What would it take for this inventory level to start rising again?
- Fewer buyers wanting to buy -- which does not seem likely now or in the near future.
- Construction of new homes. There are some being built -- but not many. Most new construction in the City is student housing.
- Homeowners selling in the City, and buying in the County. This is a net increase of one additional home that can be sold/purchased in the City.
- Homeowners selling in the City and leaving the area. I suppose this happens from time to time, but not frequently.
- Homeowners selling in the City and not buying a new home.
There is no easy way to turn this trend around -- and to have more options for City home buyers -- and until this does change, it can be quite challenging for buyers to find a home they want to purchase in the City.
So, if you are looking to buy a home in the City, be ready to patiently wait for the right opportunity to come along, and then be ready to act quickly!
Stalk homes for sale @ NewListingsInHarrisonburg.com.
