Will Home Values Fall in Harrisonburg and Rockingham County?


Will Home Values Fall in Harrisonburg and Rockingham County?
By Scott Rogers • October 1, 2010
An Associate Press story printed in the Daily News Record a few days ago.... The beginning of the article references an increase in prices in July as shown by the Case Schiller index. So, will home values fall here in Harrisonburg and Rockingham County as is suggested in the article might happen in many markets? Let's take a look at the support for their theory that values will fall..... "...the peak home-buying season is now ending after a dismal summer." Our summer wasn't necessarily dismal. Year to date we've seen as many home sales as we had in the same time period last year. Sales are slow compared to four or five years ago, but we're no longer seeing a free fall in the number of homes selling. "...bracing for a bigger wave of homes sold at foreclosure or through short sales." Thankfully, our market hasn't seen a tremendous number of foreclosures or short sales, which has kept our market relatively stable as compared to many other metro areas. "Add high unemployment and reluctant buyers, and the outlook in many areas is bleak." Harrisonburg and Rockingham County continue to have low unemployment rates compared to most other metropolitan statistical areas. We do, however, have lots of reluctant buyers! The final conclusion in the article is that home values might fall 8% within a year. It's important to note at this point that our market has had a much smaller decline in home values over the past several years as compared to the Case Schiller index. The Case Schiller index (which, in theory, measures home values nationally) has declined approximately 28% over the past four years. Harrisonburg and Rockingham County home values have only fallen 6% in the same time period. So....even if the Case Schiller index falls another 8% over the next year, we're unlikely to see the same drop in the Central Shenandoah Valley. It is more likely that we'll see a 3% to 5% adjustment. Stay tuned! Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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 22, 2024 (unless otherwise noted).
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