Learn more about this month's Featured Property:  1368 Bluewater Road

I just published my monthly report on the Harrisonburg and Rockingham County real estate market.  Jump to the full online market report, or download the PDF, or read on for highlights....



First, the fun news.  As noted above, when looking at 2015 YTD home sales, you'll find that the market has shown a 6% improvement over last year in the pace of sales -- and that the median sales price has risen by 7%.  Both of these are signs of a strong, growing local real estate market.  A third indicator to note is that the median time it takes for a house to go under contract (days on market) has fallen 11% over the past year.



You may have noted that July 2015 home sales (105) were a good bit below July 2014 home sales (125).  It turns out the seven year high of 132 home sales seen in June 2015 may simply been a timing phenomenon.  When combining June and July home sales, there were 237 home sales in June/July 2015 as compared to 236 home sales during June/July 2014 --as such, the two month track record for June and July is on pace with last year despite the decline in monthly sales in July 2015.



Looking, graphically, at the first seven months of home sales during 2015 (above) you can see that we're a good bit ahead of 2014 (YTD) and that this is the strongest January - July sales pace we have seen in at least the previous five years.  Looking back further into the historical data, it seems that the last time we saw 628 (or more) January - July home sales was waaaay back in 2007.



While every market segment (price range, property type, neighborhood, specific house) has performed differently over the past four years -- it is certainly a welcome sign to see a nearly $20,000 increase in the median sales price over the past four years -- after having seen a $25,000 decline from the peak in 2007/2008.



After several months of year-over-year declines in the monthly pace of contracts being signed, we did see (above) a year-over-year increase during July 2015 with 118 contracts being signed by buyers (and sellers).  We are likely to see 100+ contracts during August, and quite possibly into September and October as well.

OK, that's it for now.  I'll hit some high points here on HarrisonburgHousingToday.com in coming days.  In the meantime, you can read the full August 2015 Harrisonburg Housing Market Report online or by downloading the PDF.

And as is always my encouragement -- if you will be buying or selling a home in the near future, become a student of the housing market!  Learn what has been happening recently, what is happening now, and what is likely to happen next.  Being informed will allow you to make better real estate decisions.

If you are ready to buy or sell a property in Harrisonburg or Rockingham County, contact me at 540-578-0102 or scott@HarrisonburgHousingToday.com to get the process started.
  

Receive Updates by Email

Subscribe

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