Housing supply remains steady in Harrisonburg and Rockingham County (except those high-priced homes!)


Housing supply remains steady in Harrisonburg and Rockingham County (except those high-priced homes!)
By Scott Rogers • July 16, 2008
This past week, I overheard someone at the grocery story telling their friend "Can you believe how many homes are coming on the market? I don't know when they'll all sell!?!" Many seem to share this sentiment. You might find it interesting, then, that housing supply is actually remaining rather steady (compared to demand) in all but the highest price range. Click on the graph below for a printable PDF, and read below the graph for more information on how I calculate these values. The number of houses on the market at any given time is only relevant within the context of how many people are buying. If 100 houses are for sale and 100 houses are being bought each month, we have a very different market condition than if only 10 houses are being bought each month. Thus, to compare housing supply and demand in Harrisonburg and Rockingham County, I use the following process: 1. Calculate the average number of sales per month over the past 12 months. 2. Calculate the number of houses currently for sale. 3. Divide the number of houses for sale by the average sales rate per month to find out how many months it would take to sell the current inventory. The numbers you see in the graph show the results of these calculations. Let me know if you have any questions, or suggestions for additional analysis. 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 22, 2024 (unless otherwise noted).
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