Median Sold Price Per Square Foot Keeps On Rising


Median Sold Price Per Square Foot Keeps On Rising
By Scott Rogers • January 29, 2025
In addition to watching how the median sales price changes over time, it can be quite insightful to see how the median price per square foot of sold homes changes over time. The graph above tracks the median price per square foot of single family homes (not townhouses, duplexes or condos) in Harrisonburg and Rockingham County over the past 10 years. A few things to note... [1] The median price per square foot has consistently been increasing year after year for the past decade. This should not be surprising, as we're seeing that same trend in the median sales price. [2] The three years with the largest increases in the price per square foot were 2020, 2021 and 2022. Again, likely not surprising due to the large gains in median sales prices during those years. [3] The median price per square foot has been increasing more slowly over the past two years (2023, 2024) which also mirrors smaller increases in the median sales price. [4] We are now approaching a median price per square foot of $200! [5] Perhaps most importantly -- this metric is most helpful in understanding value trends over time -- not in calculating the value of one particular property. This median price per square foot is the mid point of many very different homes -- new homes, old homes, homes with garages, homes without garages, homes with basements, homes without basements, homes with acreage, homes on small lots, etc. A median price per square foot can be more helpful in understanding the potential value (or value range) of a single property if we pull that median value based on a smaller data set of more properties more similar to the single property. Looking ahead, I suspect we will continue to see increases in the median price per square foot, but I believe they will be closer to 3% to 5% per year and not 10% to 15% per year over the next few years. Receive Updates by Email Recent Articles: New Chipotle, With Drive Through (?!) Coming To Stone Port! You Will Want To Have A Lender Letter The Day BEFORE Your Ideal Home Is Listed For Sale Is This The One, Or Should I Wait For A Better House To Be Available? If You Own A Rental Property, And A Tenant Moves Out In 2025, Will You Rent It Again, Or Sell It? So You Have A Bunch Of Credit Card Debt AND A Bunch Of Equity In Your Home? As A Reminder, We Will Need To Sign A Buyer Brokerage Agreement Before We Go See Houses Who Is Winning In Our Local Real Estate Market In 2025 Monthly Housing Costs Over Time, Plus Adjusted For Inflation I Would Like To Buy A New (To Me) Home But Would Need To Sell My House In Order To Do So. Is This Possible?
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 Jan 30, 2025 (unless otherwise noted).
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