58% Drop in Under $200K Listing Inventory


58% Drop in Under $200K Listing Inventory
By Scott Rogers • June 19, 2017
One of the most striking changes in inventory levels has been the "under $200K' market, where we have seen a 58% decline in the number of homes for sale. A small part of this is the slow and steady increase in the median sales price -- causing some homes to no longer fall within this price bracket. Another significant reason for this decline is a slow and steady increase in the number of people trying to purchase homes in this price range. The final component is the lack of new construction in this price range. Increasing demand and decreasing supply is usually addressed via builders jumping in and starting to build new homes (or perhaps townhomes, in this case) to help bridge this gap between low supply and high demand. If we continue to see increasing demand, decreasing supply, and no new construction, we may start to see faster than normal increases in the sales prices of these properties as buyers compete for a slim number of listings. Read more about our local housing market via my most recent monthly market report.... 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).
Comments (0) or Subscribe