Summer 2020 ended with strong numbers in most areas of the Shenandoah Valley.  Contracts year to date are well ahead of last year (9% to 17%) with the exception of Augusta County where the market has slowed by 6%.  We expect a strong fall market this year as interest rates continue to stay below 3% and purchase mortgage applications ticked up again this week.  

While home prices continue to increase by 9% to 12% across the markets, low interest rates make this higher prices more affordable.  This remains a good time to lock in historically low financing options.

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The Harrisonburg-Rockingham County dashboard has now turned all green!  Closings within that market surpassed last year and contracts are now 9% higher than this time last year.  We expect all markets in the Shenandoah Valley to finish strong this year with the number of closings outpacing last year with the exception of the Augusta County market.

While the supply of homes still lag, historically low interest rates are enticing buyers into multiple-offer situations in median price ranges.  Give one of our real estate professionals a call today and learn how to better position yourself as a buyer or seller in today's market.

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Mortgage rates remain below 3% and mortgage purchase applications continue to stay strong!  We expect the local real estate market to stay strong through the coming months.  Indicators throughout the Shenandoah Valley continue to strengthen closing the gap from losses earlier this year and surpassing numbers from last year.

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