Luxury
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Million Dollar Home Sales Peaked In 2021, 2022 |
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 Between 2018 and 2020 there were only three million dollar home sales in Harrisonburg and Rockingham County area as recorded in the HRAR MLS. Then, in 2021, we saw (10) million dollar (+) home sales, and then (10) more such sales in 2022! Home prices were certainly increasing between 2018 and 2021, so one of the reasons we saw more million dollar home sales was certainly because of increases in those home values. But then -- we only saw (4) such sales in 2023. One theory here is that the increase in mortgage interest rates in 2022 and then 2023 resulted in fewer buyers being willing to pay a million bucks (or more) for a home. Thus far in 2024, we have seen two of these million dollar (+) home sales in the first four(ish) months of the year -- though there are four other million (+) dollar listings that are under contract and waiting to make it to closing. If you're eager to purchase a million dollar home in Harrisonburg or Rockingham County, these are your (14) current options. | |
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What A Great Time To Sell Your Million Dollar Home |
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 It's been a good time to sell a million (+) dollar home lately. After only three million dollar sales over three years (2018-2020) we have seen 19 million dollar sales over the past two years. Wow! Check out what people have been paying $1,000,000 for lately here. If you're ready to sell your home for one million dollars... let me know. ;-) | |
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12 Million Dollar Sales In The Past 12 Months |
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 There have been (12) million dollar home sales over the past (12) months in Harrisonburg and Rockingham County as recorded in the HRAR MLS. For context, here ...
So... it turns out there have been twice as many homes sales over a million dollars in the past year than there have been over the entire decade before that! Wow! Explore the past year of million dollar home sales here. | |
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Harrisonburg Area High End Home Sales Booming In 2021 |
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 Only 7% of local home buyers spend $500K or more on their home purchase (per sales data over the past 12 months) but this segment of the local housing market has been strong over the past few years. As shown above, there were 76 home sales over $500K last year - which was wellmore than any time in the past decade. This year we have already exceeded that pace of $500K+ home sales even with just the first ninemonths of the year. There have already been 85 home sales over $500K up through October 4, 2020 and there is still time for a more before the end of the year.  We also saw a big jump in the number of home sales over $600K last year Last year was an extraordinarily strong year for home sales over $600K - with 38 such sales - well more than in any other year in the past decade. This year -- we're seeing even more $600K+ home sales, with 43 thus far and still three months to go! Let's keep narrowing our focus, now to sales over $700K...  The number of $700K home sales a year was averaging four sales per year between 2016 and 2018 and then more than tripled in 2019 to 14 sales, followed by another 15 sales in 2020. But this year -- wow! The number of home sales over $700K looks like it will likely double this year as we have already seen 26 such home sales in the first nine months of 2021! And... one more time... let's look at even more expensive homes...  This one surprised me. Well, most of the graphs did, but this one particularly. Before 2019 we were seeing around two sales a year over $800K. In 2019 and 2020 that jumped up to 7 (2019) and 5 (2020) -- but this year -- we have already seen 16 buyers pay over $800K for homes in Harrisonburg and Rockingham County! So -- overall, the high end home sales market is doing extremely well as compared to performance in past years! If you are thinking of selling your high end home (over $500K, $600K, $700K or even $800K) this might be the time to do so! | |
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Million Dollar Home Sales In Rockingham County, Virginia |
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 If you're planning to sell a property in Rockingham County for more than a million dollars, it's important to realize how small this pool of potential buyers has been over the past ten years. As shown above, there has been average of one such sale every 20 months over the past decade. Curious about the details of those six million(+) dollar sales? You'll find them here. Do you have a million(+) dollars burning a hole in your pocket? Here are the nine current properties for sale for $1MM+ in Harrisonburg and Rockingham County. | |
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Harrisonburg Area Home Sales Over $500K Small But Strong Segment of Local Market |
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 Only 3% of local home buyers spend $500K or more on their home purchase (per sales data over the past year) but this segment of the local housing market has been strong over the past few years. As shown above, there were 40 home sales over $500K last year - more than any time in the past decade. This year we seem to be on track to possibly match that, with 33 home sales over $500K in the first eight-ish months of the year. Reigning in our enthusiasm a bit, though, this is a relatively small number of buyers. If you are selling a home over $500K, you need to keep in mind that only about 40 buyers per year (just over 3 per month) spend that much money on a home in ALL of Harrisonburg and Rockingham County! Let's look a bit further into even smaller segments of the high end local market...  While last year (15 home sales) wasn't quite the strongest year for $600K+ home sales -- this year looks like it will be. We have already -- in eight months -- matched the highest number of $600K+ home sales seen in a year when looking back for 10 years. And one more look at an even higher price point...  Above, you'll see that most years there are only 5 or fewer home sales over $700K. But back in 2015 there were 11 (which was more than double the norm) and this year there have already been 10 such home sales! So -- overall, the high end home sales market is doing well -- comparatively, but that is not to say that selling a home over $500K is an easy task - it's not. Home sellers over $500K are aiming for a tiny pool of potential buyers -- even if that pool of buyers might be slightly stronger this year than last. | |
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Harrisonburg Area High End Home Sales |
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 High end ($500K+) home sales slowed slightly in 2016 (25 sales) as compared to 2015 (29 sales) -- but it seems likely that this price range will rebound to those 2015 levels in 2017. With another four months of sales to go, it seems likely that we will see at least seven (and maybe more?) sales over $500K. In fact, there are currently three homes over $500K under contract.  Home sales over $600K, however, are another story. Looking back, 2015 was an incredible year of sales for this price range -- with 19 sales -- higher than any other year in the past ten years! While we will likely see more sales this year (9 so far) than last year (12 total) it does not seem we will match the 19 sales seen in 2015.  Finally -- the $700K+ price range -- where we seem to have returned to normal-ish levels in 2016/2017. Looking back, it is quite astounding that 11 of these homes sold in 2015 -- this was far and above the amount of $700K+ home sales we had seen in a single year since all the back in 2007. | |
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Another Strong(ish) Year of High End Home Sales |
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 We saw an amazing 29 home sales over $500K last year -- which was the highest seen anytime since 2008. This year we are on track to likely match that pace of high end sales, with 21 home sales over $500K in the first 9.5 months of the year.  Again, last year showed an amazing number (19) of home sales over $600K - the highest since all the way back in 2007 -- but it does not seem that we will see that many home sales in 2016. With 10 home sales on the books thus far, we have exceed 2011-2014 levels, but it seems unlikely we'll get all the way up to 19 home sales this year.  Finally, looking at the super-high-end home sales (over $700K) we are seeing a significant drop off from last year. Last year we saw a remarkable 11 home sales over $700K, which seems to be the highest number on record, ever. This year, however, we have only seen 3 home sales over $700K thus far. | |
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High End Home Sales Snap Back (Big Time) in 2015 |
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 After quite a few years of somewhat slower home sales over $500K, the pace of these higher end home sales jumped up in 2015 to 29 home sales -- the highest pace seen since 2008.  If we raise the bar a bit, and look at home sales over $600K, we see that this slightly narrower market is looking quite strong -- a jump up to 19 home sales over $600K in 2015. This is the highest level seen since 2006.  And finally, wow, the most dramatic change is in the $700K+ price range. There were 11 homes sales over $700K in 2015 -- which is more than were seen in the sum of the four years -- and is the highest number of $700K+ home sales ever seen in Harrisonburg and Rockingham County. Stay tuned to see how these market segments perform in 2016. Explore homes for sale over $500K by visiting HarrisonburgLuxuryHomes.com. | |
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Record Setting Year for High End Home Sales |
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 Only 75% of the way through the year, we have already seen more (23) home sales over $500K during 2015 than we saw in the entirety of any of the past six years. This is a promising sign for owners of homes valued over a half million dollars.  Looking a bit deeper we see that a tremendous number of those home sales were over $600K. We have seen 15 home sales over $600K in the first nine months of this year -- well more than any seen in the past seven years.  And finally, we see that quite a few of these home sales were actually over $700K! There have been more $700K+ home sales in the first nine months of 2015 than we have seen in the past four years COMBINED! | |
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High End Home Sales Relatively Stable in 2014 |
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Exploring home sales over $500K, we see that home sales levels in 2014 stayed relatively on track with where they were in 2013....  Despite the drop from 20 to 18 sales over $500K, the $600K+ market stayed completely stable....  And the sale of $700K+ homes actually increased....  As a side note, you may recall that 2014 marked the first $1M+ home sale (in the MLS) since 2010. Looking for a full listing of all the $500K homes currently for sale? Check out HarrisonburgLuxuryHomes.com. | |
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First Million Dollar (plus) Home Sale Since 2010 |
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 Last month (November 2014) there a home sold in Lake Pointe for $1,025,000. This marked the first time since 2010 that a home has sold (per the HRAR MLS) for over $1,000,000 anywhere in Harrisonburg and Rockingham County. Not quite ready to spend $1,000,000 on your next home? Check out some excellent $500K+ homes at HarrisonburgLuxuryHomes.com. | |
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High end home sales lagging slightly behind in 2014 |
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Looking at high end home sales ($500K or higher) it would appear that the pace of sales in 2014 won't necessarily match that of 2013....  As shown above, home sales over $500K bounced back considerably in 2013. Perhaps some of that was pent up demand from previous years? It seems unlikely that we'll end up with 20 sales over $500K in 2014.  As shown above, home sales over $600K also are not faring as well this year as compared to last year.  The graph above would certainly lead us to believe that home sales over $700K will definitely take a hit in 2014. However, it's not all bad news, as there are currently four homes priced over $700K that are under contract....  | |
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How long might it take to sell a home priced over $400K? |
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 Technically, it could take quite a while -- as there is a 25 month supply of these homes currently on the market. What does this mean? Let's examine it....
As you can see from the chart above, this 25-month supply is roughly equivalent to where we were a year ago (24-month supply) and a much better place than where we were two years ago (45-month supply). This final tidbit might be the most interesting, however.... Homes sold in the past 12 months for more than $400K sold with a median of 117 days on the market. How could this be, you might ask? Where is the disconnect? Many of the 95 homes actively listed for sale over $400K will not necessarily sell in the next 12 months. As such, we have a high supply of these homes (25 months worth) but the homes that actually sell do so relatively quickly (median of 4 months). | |
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High End Home Sales Bounce Back in 2013 |
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 As shown above, after some slow years in 2011 and 2012, the over $500K housing market bounced back in 2013.  The over $600K market had an even more dramatic recovery in 2013. Search for $500K+ homes at HarrisonburgLuxuryHomes.com. | |
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$600K+ home sales bouncing back |
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 Admittedly, there are still quite a few (38) homes for sale in this price range compared to the number that are selling (perhaps 9 or 10 per year) but it is encouraging to see buyer activity bouncing back in this price range. | |
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Million Dollar Homes in Harrisonburg, Rockingham County |
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 Not so often, it would seem, as shown above. There have only been six such sales in the past 12.5 years. View details of the six $1M+ sales. But even though it's been a few years since a buyer has paid more than $1M for a house in Harrisonburg or Rockingham County doesn't mean sellers aren't hopeful. View currently listed $1M+ homes for sale. Trying to keep your budget under $1M? Here are a few great options.... | |
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2012 was not the year to (try to) sell an expensive home |
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 Last year was the worst year in the last 10 years to try to sell a home for more than $600K in Harrisonburg and Rockingham County. This year is shaping up quite nicely. It may not be a blockbuster (10+ or 12+) year, but it won't be nearly as bad as last year. Looking for that perfect $600K+ home? Don't miss this one: photos | web site | |
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Recovery of the high end housing market? |
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 The bottom dropped out of the high end housing market ($600K+) last year in Harrisonburg and Rockingham County. After 7+ sales every year between 2004 and 2011 (and as high as 22 in 2006) there were only 2 sales over $600K last year! This year, however, the high end housing market seems to be bouncing back. There have already been three sales over $600K, and there are two more properties under contract. That said, there are currently 21 homes for sale over $600K, so there are quite a few sellers in this market, despite the increasing number of buyers. | |
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Harrisonburg Luxury Homes |
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 Now, explore Harrisonburg Luxury Homes online via HarrisonburgLuxuryHomes.com. This array of properties will include homes in the Central Shenandoah Valley priced over $500,000. Check them out now, at HarrisonburgLuxuryHomes.com. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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