Right now, the Harrisonburg and Rockingham County area is in a very strong seller’s market.
This means sellers can command top dollar for their properties because buyers have limited options to choose from and there is high competition between them. Inventory is the main reason we are in a seller’s market. Our total supply is around 365 available homes for sale, which is down 20 homes from the previous year and almost 100 compared to the year before that.
What does this mean for home values? Values have been rising and continue to rise based on the dwindling inventory levels. It is basic economics—as supply goes down, demand goes up, and so do prices.
Interest rates have also been contributing to our market conditions. Over the past couple of years, they have been at historic low levels, but they have recently started climbing. Interestingly enough, though, they dropped again this past week. They were above 4.5%, but they have dropped back down to that level.
If you are a seller, this means you can buy or sell your property quickly and for top dollar. If you are a buyer, this means you need to be ready to make an offer when an available home comes along that meets your criteria. You also need to be able to see a home quickly once it hits the market.
If you have any other questions about our market or are thinking of buying or selling a home soon, please feel free to reach out to me. I would be glad to help you.