Supply and Demand --- Market Forces At Work

By Scott Rogers • December 11, 2007

Each price segment of the Harrisonburg and Rockingham County real estate market is experiencing something somewhat different. Each month I break it down into three basic price ranges . . .

Homes priced under $200,000 - - - 6 months of supply available - - - no change from last month

Homes priced between $200k and $350k - - - 10 months of supply available - - - supply is up, from 8 months

Homes priced over $350,000 - - - 20 months of supply availble - - - supply is down, from 22 months

In an ideal world (for both buyers and sellers) we'd see 6 months in all three price ranges. This is considered by many to be a healthy amount of homes on the market such that neither seller nor buyer has a significant advantage in negotiations. What follows, then, is that buyers of homes over $350,000 have the potential for quite a bit of negotiating power.

For those who loves the numbers, here is the methodology. . .

Under $200,000	$200k - $350k	Over $350,000
Sold in September: 29	Sold in September: 32	Sold in September: 4
Sold in October: 51	Sold in October: 40	Sold in October: 10
Sold in November: 58	Sold in November: 35	Sold in November: 13
Avg Sold / Month: 46	Avg Sold / Month: 36	Avg Sold / Month: 9
Available: 287	Available: 342	Available: 184
Months Supply: 6	Months Supply: 10	Months Supply: 20

This analysis is based on sales for Harrisonburg and Rockingham County, as reflected by the Harrisonburg/Rockingham Association of Realtors.

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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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