There Will Come A Time When Homes Will Not Sell Instantly, And That Is OK


There Will Come A Time When Homes Will Not Sell Instantly, And That Is OK
By Scott Rogers • July 26, 2022
Over the past year, the median "days on market" has been five days in Harrisonburg and Rockingham County. That means that half of homes that sell are under contract in five or fewer days. That is fast. It's the fastest homes have ever sold in this market. Just three years ago, the median "days on market" was 23 days -- a bit over three weeks. That is also rather fast, but certainly not as fast as five days. And guess what folks, just as ridiculously low mortgage interest rates stuck around for a few years and then came to an end -- it is very likely that we will eventually see the time it takes to sell a home start to increase from this record median of five days. For example... in the past 30 days, the median days on market was seven days... yes, a full two days longer than that prolonged low of five days. If we do start to see the pace of homes selling starting to slow a bit... maybe from a median of five days on the market, to seven days, to (gasp!) a median of 10 days, here's what it might mean for our local market... [1] Home buyers will still need to look at homes quickly when they go on the market, but they might be able to sleep on the decision of whether or not to make an offer. [2] We might eventually see fewer multiple offer scenarios, at least in some price ranges. [3] Many homes (those in desirable locations, price ranges, etc.) will still sell very quickly, perhaps in five days, even if the overall market statistic increases. [4] Sellers will need to put up with showings for more than a few days. :-) One nice part about a fast moving market is that many home sellers only had to put up with home showings for a week or less - and that might start to change. There are plenty of additional possible implications of the pace of the market slowing. But rather than speculate as to what they will be, what they will mean, and when they will happen, I'll keep monitoring the data to see what is actually happening on the ground in our local market. Of note, related to median days on market (DOM) in our local market... Median DOM in the past 12 months = 5 days Median DOM in the past 30 days = 7 days Median DOM in the past 30 days for homes priced under $250K = 5 days So, even if the overall market slows down -- a smidge -- many segments of the overall market will likely still be moving quite quickly! 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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