Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, March 4, 2025
It's a reasonable question -- in a market where homes are often going under contract very quickly, one might assume that all homes are selling for well over asking price!
In fact, over the past six months only 7% of homes sold in Harrisonburg and Rockingham County sold 5% (or more) over their asking price.
But, let's break down the data a bit further...
- 43% of homes sold within one percent of their list price... either at the list price, or up to 1% over or 1% under that list price.
- 24% of homes sold for more than 1% over the asking price.
- 33% of homes sold for more than 1% less than their asking price.
Interesting.. maybe different than you (or I) might have assumed before getting into the data?
Now, let's get into the actual dollar by dollar difference between sales price and list prices... keeping in mind that these differences in thousands of dollars would mean more or less of a price negotiation based on the list price of the home...
- 7% of homes sold for at least $20K over asking price.
- 13% of homes sold for $5K to $20K over their asking price.
- 54% of homes sold within $5K of their asking price.
- 18% of homes sold for $5K to $20K under their asking price.
- 9% of homes sold for at least $20K over their asking price.
Finally, some superlatives...
- Biggest Pop: listed for $649,900 and sold for $748,000 (+$98K)
- Biggest Fizz: listed for $1,295,000 and sold for $1,000,000 (-$295K)
So...
- Don't assume that all listings are selling WAY above their asking prices.
- Plenty of homes are selling under their asking price.
