Improvements in the $400K housing market


Improvements in the $400K housing market
By Scott Rogers • October 12, 2015
If you are hoping to sell a house in the $400K price range, your prospects of doing so are much better now than they were a year ago, and here is why.... While inventory levels (the number of homes for sale) have not declined in the past year, they also have not increased significantly. There are two more homes for sale in this price range now as compared to a year ago -- which means you have just about the same amount of competition from other listings as you would have had a year ago. The are 58% more buyers now as compared to a year ago. That is to say that 62 buyers bought $400K+ homes in the past 12 months, as compared to only 40 having done so in the 2 months prior to that. This segment of the market is much more active than it was a year ago. The two changes above result in a 35% reduction in the number of months of housing supply available in this price range. In other words, it would take 15 months for buyers to purchase all of the currently available inventory if they kept buying at a rate of 5.2 sales/month and if nothing new came on the market. This 15 month supply is much better (from a seller's perspective) than where we were a year ago with 23 months of supply available. If you are hoping to sell a $400K home, the market has seen significant positive changes over the past year that are likely to make your efforts much more successful now than they would have been a year ago. 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 24, 2024 (unless otherwise noted).
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