Harrisonburg and Rockingham County Population Grows 15.77% from 2000 to 2010. What does it mean for the housing market?


Harrisonburg and Rockingham County Population Grows 15.77% from 2000 to 2010. What does it mean for the housing market?
By Scott Rogers • February 21, 2011
The housing market in Harrisonburg and Rockingham County was relatively normal in 2000 (as best as I understand -- since I started selling real estate in 2003). Given that the population in Harrisonburg and Rockingham County grew 15.77% between 2000 and 2010, what would have happened if real estate sales had tracked on that same path? The red bars above show the actual pace of sales between 2000 and 2010. The blue line shows a straight line increase in sales assuming an overall sales increase of 15.77% between 2000 and 2010 to mirror the population growth. As you can see, if we assumed that the same portion of the 2000 population would buy homes in 2010, then the actual home sales last year were lower than they "should have been." My conclusion? Time will tell whether 2011 will show an equivalent (or higher) number of sales to 2010, but I believe in one to three years we will see higher total home sales in this area than we experienced last year. I don't believe the 758 home sales in 2010 should be considered the new norm. Per the 15.77% growth between 2000 and 2010, we should see, or could see, or might see, a pace of new normal home sales pace in the next few years around 960 home sales per year. 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 21, 2024 (unless otherwise noted).
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