How long might it take to sell a home priced over $400K?


How long might it take to sell a home priced over $400K?
By Scott Rogers • August 12, 2014
Technically, it could take quite a while -- as there is a 25 month supply of these homes currently on the market. What does this mean? Let's examine it.... During the past 12 months there have been 46 home sales over $400K. That is an average of 3.8 such sales per month. There are currently 95 such listings on the market for sale. As such, it would take 25 months (95 / 3.8) to sell all of these active listings. As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply). This final tidbit might be the most interesting, however.... Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market. How could this be, you might ask? Where is the disconnect? Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months. As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months). Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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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