How do sales prices compare to assessed values?


How do sales prices compare to assessed values?
By Scott Rogers • March 17, 2009
Homes in the City of Harrisonburg are currently selling at approximately 95% of their assessed value. Taking a look at the data above, you'll note that approximately 30% of homes in Harrisonburg sold above their assessed value in 2009 thus far. An additional 40% (roughly) of homes sold between 90% and 100% of their assessed value, and the final 30% sold for less than 90% of their assessed value. The average (and median) ratio between sale price and assessed value is 95% thus far this year. Is this actionable? Not necessarily --- assessed values are not a reliable measure of what you could sell your home for in any given real estate market. But, do note that we can no longer assume that most if not all properties sell at or above their assessed value. In fact, 3 out of 4 properties selling these days are selling below their assessed values! Additional yet-to-be-opened can of worms: are home prices lower now than they were a year ago, or are assessments to high? This is another great question from a client --- if you have a question about our local real estate market that could be best answered with some data analysis, send it my way! Call me at 540-578-0102 or e-mail me at scott@cbfunkhouser.com. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
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 Nov 23, 2024 (unless otherwise noted).
Comments (0) or Subscribe