How long will it take my Harrisonburg home to sell?


How long will it take my Harrisonburg home to sell?
By Scott Rogers • April 23, 2009
One of the most difficult questions to answer in our current real estate market is how long it will take for a home to sell. The data below will start to shed some light on what you might expect, but there are still many variables that could make your property sell very quickly or very slowly. This chart analyzes all homes sold in Harrisonburg and Rockingham County in the past six months, and attempts to provide more meaning to the "Days on Market" metric than I typically provide in my market reports. Many thanks to Liz (who suggested a histogram format) and Tisha (who suggested breaking it down by price range). Several observations can be made based on this analysis... The sole days on market indicator I had been using (average = 183 days on market) is woefully inadequate for describing how long it is taking homes to sell. Price is a huge factor --- homes that sell below $200k take (on average) 5 months to sell. Homes that sell above $400k take (on average) 10 months to sell! Of the homes that sold in the past six months, 31% of the homes that sold above $400k took more than a year to sell. In contrast, only 3% of homes that sold below $200k took more than a year to sell. Amazingly, one-third of homes that sold below $200k closed within 90 days. In contrast to that, only one-tenth of the homes that sold above $400k closed within 90 days. Before listing your home for sale, it can be helpful to look at days on market data for homes in the geographic area and/or price range of your home. It won't always provide clear-cut guidance for you, but it may help further refine your expectations. Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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 22, 2024 (unless otherwise noted).
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