The Local Real Estate Market Is Constantly Changing


The Local Real Estate Market Is Constantly Changing
By Scott Rogers • July 19, 2022
Over the past two years as home sales and home prices have rapidly accelerated upwards, we couldn't assume anything about pricing... We know - your neighbor's identical house sold three months ago for $350K. We assume - your house will sell for around $350K. And then - your house actually sells for $380K. Home prices were increasing so quickly that a recent sales price of $___ did not necessarily mean the next similar home would sell for that same price. And now, as the market seems to be slowing down a bit, we still can't assume anything about pricing... We know - your neighbor's identical house sold three months ago for $375K. We assume - your house will sell for around $375K. And then - your house might sell for $350K, $375K or $400K. These days... [1] There are certainly plenty of homes that are going on the market and selling very quickly, often with multiple offers. [2] There are some homes that are going on the market and sitting around for a bit before having an offer. [3] Some homes are still selling for more than we would have thought based on recent sales prices. [4] Some homes are selling for a bit less than we would have thought based on recent sales prices. I don't think we're seeing a wholesale shift at this point. We're still seeing more sales, at higher prices. But I don't think we can assume as reliably that home prices are steadily marching upwards at a rate of 10% per year right now. 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 22, 2024 (unless otherwise noted).
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