The Influence Of Mortgage Interest Rates On Who Will Buy Or Sell
Mortgage interest rates -- and whether they are high, or low, or higher, or lower -- are not the only or even the primary factor affecting any given real estate market…
Why Has The Median Sales Price Of Attached Homes Increased 20% In A Year?
Spoiler alert - I have no concrete answers to the question above. :-) The median sales price of attached homes (duplexes, townhomes, condos) was $247,565 in 2022. Thus…
The Annual Pace Of Home Sales Has Fallen 27% Since June 2022
In June 2022 the annual pace of home sales activity in Harrisonburg and Rockingham County peaked at 1,727 home sales in the previous 12 months. Now, as of the end of…
Fewer Home Sales, Rising Inventory Levels And Possible Slowing In Sales Price Gains
Happy October, Friends! October is one of my favorite months of the year... for quite a few reasons... 1. Cool mornings, warm afternoons and then cool evenings again. 2…
Our Local Real Estate Market Keeps Testing Basic Economic Theories
Between 2019 and 2022 we saw an ever increasing number of buyers buying homes (or trying to do so) in Harrisonburg and Rockingham County. Demand for homes skyrocketed…
How Many Homes Are Selling For Less Than The List Price?
If we look at homes that have sold in the past six months... [1] 68% have sold for the list price or higher. [2] 32% have sold for less than the list price. [3] 40% have…
Fewer Homes Are Selling, Though Prices Keep Rising, And Now Inventory Levels Are Rising Too!?
Happy Thursday morning, friends in and around Harrisonburg and beyond! After I process all the data... and create all of the charts and graphs... and doodle on them to…
If Your Home Has Not Sold We Should Look At What Buyers Are Actually Buying
As an aside... the market is definitely shifting in some ways... as we are no longer seeing every house go under contract in hours or days with multiple offers. We're…
Home Buyer Demand Is Becoming Much More Variable By Price Range, Property Type And More
Between 2020 and 2022, despite record levels of buyer demand, I would still tell sellers... We can't know for sure how much buyer demand will exist for your home until it…
Fewer Home Sales, But Prices Are Rising!? More Contracts But Inventory Levels Are Rising!?
Happy Monday afternoon to you, friends! This monthly market report is one of some enigmas, some contradictions, some puzzlement. Some of these will be familiar, some new…
Two Startling (Nationwide) Stats That Show Why Many Homeowners Are Not Likely To Sell Within The Next Few Years
Current mortgage interest rates for a 30 year fixed rate mortgage are averaging at 6.9% per Freddie Mac. Here are the two startling statistics as reported by Business…
We Are Starting To See A Few More Homes With Price Changes These Days
There are 172 active listings (homes for sale) in Harrisonburg and Rockingham County right now. Of those... 27 have had price changes in the past two weeks... and 145…