Harrisonburg High-End Real Estate Market

By Scott Rogers • December 28, 2007

Each month I run the same series of calculations to determine how supply and demand relate in several price ranges --- less than $200k, $200k - $350k, and $350k and up. At the start of December, there were 20 months of supply of homes priced $350,000 and up.

One of my readers posed the question of whether there might be more of a story to tell in what could be a very large price range --- $350k and up encompasses many hundreds of thousands of dollars. So, let's take a look --- please note, I updated the "Available" numbers to reflect current availability.

EVERYTHING Over $350,000	$350,000 - $600,000	Over $600,000
Sold in September: 4	Sold in September: 4	Sold in September: 0
Sold in October: 10	Sold in October: 10	Sold in October: 0
Sold in November: 13	Sold in November: 11	Sold in November: 2
Avg Sold / Month: 9	Avg Sold / Month: 8	Avg Sold / Month: 0.7
Available: 179	Available: 136	Available: 43
Months Supply: 20	Months Supply: 17	Months Supply: 61

So --- it is somewhat interesting --- there are only 17 months of homes priced between $350k and $600k --- and a whopping 61 months of homes available priced above $600k.

But to give the $600k+ homes a fair shake, let's make sure September, October and November weren't unusually low sales months. From January 2007 through November 2007 (inclusive), there were 16 sales of homes above $600k. This is 1.45 sales per month --- which would make the current inventory (43 homes) equivalent to 30 months of supply. Better than 61 months --- but this is still the most oversupplied price range by far!

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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 21, 2024 (unless otherwise noted).

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