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Reviewing My Predictions From Last Year For The 2024 Real Estate Market |
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 The 2024 real estate surprised me -- at least as far as how many homes were purchased and sold. Mortgage interest rates remained quite high (compared to some of the past five years) throughout 2024, and yet, quite a few home buyers bought homes! Above you'll see actual versus predicted number of home sales in Harrisonburg and Rockingham County within the context of the past few years... [1] Home sales were at or (almost) above 1,500 sales per year through 2020, 2021 and 2022 - due in large part to the Covid-19 pandemic and super low mortgage interest rates. [2] Home sales dropped quite significantly (-23%) in 2023. [3] I predicted that we would see about a 4% increase in home sales in 2024. [4] We actually saw... a 12% increase in home sales in 2024!?! Home sales bounced back much quicker than I thought they would in 2024. And how about those sales prices...  A few things to note above... [1] The median sales price jumped 10% (to 11%) per year in 2021, 2022 and 2023. Wow! [2] I predicted a 5% increase in the median sales price - from $330,000 to $346,500. [3] The actual increase in the median sales price was 4.7% -- from $330,000 to $345,542. So, we'll call that prediction a win once rounded. The median sales price did rise again in 2024, but not by nearly as much as in the three previous years. Stay tuned for my predictions for the 2025 real estate market in Harrisonburg and Rockingham County! Recent Articles:
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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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