October 2008 Harrisonburg & Rockingham County Real Estate Market Update


October 2008 Harrisonburg & Rockingham County Real Estate Market Update
By Scott Rogers • November 7, 2008
The October 2008 Harrisonburg & Rockingham County Real Estate Market Report is now available. Click here for a printable PDF of this report. Sales continue to be slow compared to last year, but overall prices continue to slowly and steadily increase. Both the median and average sales price increased when comparing January through October of last year versus this year. After a strong September (compared to last September), October's sales figures are lower than expected. October's sales (62) were 40% lower than last October's sales (103). Perhaps last year's fall months (October & November) were an anomaly with their strong increase. This graph shows a normalized trend of home sales by charting the ongoing sum of the preceding 12 months' sales. Despite an increase in sales pace last month (October 2008), this month we again see a continued decrease in this long-term sales trend. Inventory continues to decline in Harrisonburg and Rockingham County --- this month down to 866 active single family, townhome and condo listings. This is a 9% decrease compared to June 2008's inventory level of 956 active properties. As inventory continues to decline, likewise the number of months of housing that is on the market has also declined. The top two price ranges ($300k-$400k, $400k+) both are headed back down towards (somewhat) healthier supply levels. 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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