How Quickly Are Homes Selling These Days?


How Quickly Are Homes Selling These Days?
By Scott Rogers • December 7, 2023
First disclaimer -- the graph above is based on a very small sample size -- I'm just looking at the homes that have gone under contract in the past week. Second disclaimer -- the graph above only looks at contracts signed on resale homes, not new homes. What does this graph show? Of the 22 resales homes that went under contract in Harrisonburg and Rockingham County over the past week... over half took more than a month to go under contract. Only 3 (of the 22) went under contract within a week. But wait, I thought homes were going under contract much more quickly than that!? Yes, indeed, I did think that. Here's what I have discovered looking just at this one week of data, which I'll explore a bit more broadly in the near future... Median Days On Market For Listings Going Under Contract In The Past Week: All (44) Homes = median of 6 days (22) New Homes = median of 0 days (22) Resale Homes = median of 38 days Wait.... what!!? Indeed, for a while now I have been observing a median days on market of six days in our market. But... [1] We are seeing an increasing number of new home sales in our market. [2] Many or most of those new homes are being built by Ryan Homes. [3] Ryan Homes appears to be waiting to list many homes in the MLS until they are already under contract, resulting in a "days on market" of zero for those homes intended to be built. And thus, the long standing 6 (or so) day median of how quickly homes were going under contract may have been a data set significantly skewed by how one new home builder is managing their listing data. I'll start working my way backwards here soon to evaluate median days on market ONLY of resale homes to try to provide a clearer picture of what the data actually shows about the pace of sales in our local market. Stay tuned. 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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