Thursday, February 22, 2024

Housing market stays hot in the Valley


HARRISONBURG, Va. (WHSV) – Although things have calmed down slightly in recent months, the housing market in the Valley is still booming.

Experts say it’s a good time for buyers and sellers and there could be perks to doing so in the Shenandoah Valley.

Chris Horst with Funkhouser Realty Group said that recently inventory has gone up slightly but houses typically aren’t staying on the market more than a week.

“We have seen a decrease in the number of buyers but there’s still plenty of buyers out there. Sellers are still getting good prices for their homes. That hasn’t changed, prices have still increased,” Horst said.

Horst said now is a good time to buy and sell a house. Due to inflation and increased interest rates, it’s good for buyers to lock in the prices now and sellers are making more money.

“Low inventory means houses are still selling quickly, but with interest rates going up buyers are needing to lock in those rates because I think they’re only going to continue to rise,” Horst said.

According to Zillow the average number of days a home stays on the market in the quickest selling localities is eight to ten days.

However, in the Valley, Horst said the average number of days on the market has stayed around five for the past year and he doesn’t expect that to drastically change in the coming months.

“The days on market might expand a little bit but with the lack of inventory it can’t change too much so I think we’re gonna stay right about there,” Horst said.

Living in the Valley could have its perks though.

“In the Valley were actually insulated a little bit because we have colleges and great infrastructure that people are still moving into this area and so we kinda don’t see the huge shifts like they do in other parts of the country,” Horst said.

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