The current decline in median sales price is (partially) due to more frequent sales of bank owned properties


The current decline in median sales price is (partially) due to more frequent sales of bank owned properties
By Scott Rogers • June 24, 2011
The median sales price in Harrisonburg and Rockingham County has declined by 11% over the past year from $180K to $160K. That's a rather significant decline. But looking closer, it seems that one reason why it has declined as much as it has is because there are more bank owned properties selling this year as compared to last year. As you can see above, last year (YTD) REO sales only accounted for 8% of all home sales in Harrisonburg and Rockingham County. This year, however, REO sales account for 14% of all home sales. The median sales price of the non-REO properties this year is $170,056, whereas the median sales price of REO properties this year is only $129,250. There are certainly other factors that are causing a decline in median sales price, but the proportional increase in bank owned (REO) sales is certainly contributing to the situation. 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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