How Far Have Home Prices Retreated?


How Far Have Home Prices Retreated?
By Scott Rogers • March 8, 2011
Thank goodness we experienced huge gains in home values between 2000 and 2006, because values have been steadily retreating since that time. Harrisonburg and Rockingham County are not in a unique situation in seeing a decline in home values (as measured by median sales prices) over the past five years (2006-2011). In fact, many areas of the state and our nation saw much more significant declines in home prices during the past five years. How far, though, did we retreat into the past with this decline of home values? When examining single family homes and townhomes together (above), you'll note that the current median sales price (2011 year-to-date) of $166,000 marks a retreat back to 2004/2005 home values. Single family home values (median price 2011 year-to-date = $175,006) have also retreated back to 2004/2005 levels. Despite drastically low sales thus far in 2011, townhomes have fared better than the detached home market. Median sales prices of townhomes (2011 year-to-date = $158,000) have only retreated back to 2005/2006 levels. What does the future hold? I have long held to the prediction that we will not see an increase in median home values until the pace of home sales stabilizes and starts to increases again. Last year there was only a 1% decline in the number of single family homes in Harrisonburg and Rockingham County, so I am hopeful that 2011 may be the year that we see a stabilization in the pace of home sales, even if it is not until 2012 that value start to stabilize. 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 25, 2024 (unless otherwise noted).
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