Sales of building lots in Harrisonburg, Rockingham County appear to have stabilized


Sales of building lots in Harrisonburg, Rockingham County appear to have stabilized
By Scott Rogers • May 16, 2011
Click on the image for a larger version The median sales price of building lots (less than an acre) skyrocketed in 2005 and 2006 up to a peak of $99,900. But alas, these elevated values did not stick -- they fell just as quickly back down to $58,300 just two years later in 2008. After several years now in the mid $50K's, it seems (relatively) safe to say that the value of building lots has stabilized at a median of around $55,000. Lot sales also seem to have stabilized because the decline in the annual number of lot sales has ceased. There were more lot sales in 2010 than in 2009, and we seem to be poised to have another increase in 2011. The good news (perhaps?) is that this is still an overall increase above where values were before the rapid 2005/2006 escalation. In 2004, the median sales price of such building lots was $42,000, which makes today's median value of $55,000 a reasonable place to be given long term gradual increases in values. 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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