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…
Buyer Demand Still Exceeds Housing Supply, But Not For All Properties
In 2020, 2021 and 2022, almost every new listing had LOTS of interest and likely had multiple offers. There was some variation by price range and property type, but they…
Maybe We Will See Seasonal Declines In Housing Inventory Levels Again This Year?
All the way through 2019, we would see a seasonal decline in housing inventory levels each winter. Inventory levels would typically be the lowest between November and…
Slight Bump In Contract Activity In September 2023
We saw a slight increase in contract activity this September as compared to last September... with 3% more contracts signed this year than last... 115 contracts were…
Many (Most) Home Sellers Are Adjusting Their List Price If Their Home Is Not Under Contract Within 30 Days
Here's how I get to the conclusion above... Today, there are... 200 homes for sale in Harrisonburg and Rockingham County per the HRAR MLS. Of those 200 active listings…
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…
Recent Rises In Inventory Levels In Context
Inventory levels are on the rise in Harrisonburg and Rockingham County. January 2023 = 109 homes for sale August 2023 = 193 homes for sale That's a 77% increase in…
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…