Is The Local Real Estate Market Softening?


Is The Local Real Estate Market Softening?
By Scott Rogers • June 23, 2022
Anecdotally, it seems like a maybe the local real estate market is softening... but the data certainly doesn't show it yet. Here are a variety of current market anecdotes for you... [1] Many new listings are still having a flurry of showings and multiple offers and are selling at or above the list price with very few contingencies. [2] Sometimes a hot new listings receives just two offers instead of the five to eight that might have been anticipated. [3] Sometimes, new listings are coming on the market and sitting for a week or so before generating an offer. [4] Sometimes sellers start at one asking price and adjust it down a few weeks later after not having received any offers. And some data... [5] Thus far (Jan - May) in 2022, 4.75% more homes have sold than last year. So... is the market softening? Items 1 and 5 above would indicate... no. Items 2, 3 and 4 would suggest... maybe. I'll keep monitoring the data to see if it starts to show anything different... but for now, I'm leaning more towards believing the story told by the data more than the story told by the occasional anecdote. 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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