August 2008 Real Estate Market Report for Harrisonburg & Rockingham County


August 2008 Real Estate Market Report for Harrisonburg & Rockingham County
By Scott Rogers • September 10, 2008
Click on any of the charts or graphs below for a printable PDF of the August 2008 Real Estate Market Report for Harrisonburg & Rockingham County. Perhaps of most interest is that buyers are committing to buy properties at an almost equivalent rate as they were last year. Last August, 77 properties went under contract, and this August 76 properties went under contract. This seems to indicate that either we will see closed transactions pick up as the year continues, or that fewer buyers are able to get from contract to closing on a property. We are in a buyers market. In many markets around the country, which are also in buyers markets, prices have declined significantly over the past 18-24 months. However, we continue to see average and median sales prices staying relatively level. Both average and median sales prices increased (by less than 1%) when comparing Jan-Aug 2007 to Jan-Aug 2008. Home sales continue to be largely seasonably predictable. Sales increased in August (as compared to July) as they have in most previous years. September, October and November will be interesting months to observe, as last year October and November showed a modest increase in sales activity. Housing supply is holding steady, or increasing slightly in all price ranges. The lowest price range ($0-$200k) continues to have the healthiest relationship between buyers and sellers, with the most expensive price range being the most out of balance. If you are interested in a more specific analysis of a particular segment of the Harrisonburg or Rockingham County real estate market, please call (540-578-0102) or e-mail me. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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