Home Value Trends in Harrisonburg, Rockingham County


Home Value Trends in Harrisonburg, Rockingham County
By Scott Rogers • April 19, 2011
We have seen significant declines in home values in Harrisonburg and Rockingham County over the past several years --- though nowhere near the level of declines seen in many metro areas. One common question, however, is what does the future look like. Between 2003 and 2006, we might have thought that home values would increase forever (shown above). This was obviously unrealistic and unsustainable. I also don't think we'll see median prices fall in a straight line forever in the same trajectory as we've seen for the past several years. Projecting based only on 2000 to 2001 data might get closer to reality, but we'd have to start seeing a rather dramatic uptick in values here in the next year or so to get back on track. The graph above is perhaps my best guess for the future. It presupposes that 2000 through 2003 showed normal increases in home values, and that things then escalated out of control from 2003 through 2006. The market then stayed relatively level between 2006 and 2008 before finally starting to correct between 2008 and 2011. The question remains, however -- will we have to dip below the trend line before coming back up to meet it? 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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