Local Housing Market Shows Signs of Strength in First Half 2012


Local Housing Market Shows Signs of Strength in First Half 2012
By Scott Rogers • August 7, 2012
Halfway through 2012, the Harrisonburg and Rockingham County housing market is showing signs of returning stability and strength. As shown in the accompanying graph, the pace of local home sales (in the first half of the year) has been slowly increasing ever since 2009 – aside from temporary spike in 2010 related to the federal home buyer tax credit. In even better news, however, the local market is finally experiencing stability in prices. The median price of homes fell 10.5% between 2008 and 2011, but is finally starting to increase again. The median sales price during the first half of 2012 was $172,000 – which marks a 4% improvement over the first half of last year when the median sales price was $165,000. If you're looking to buy a home sometime in the next year, you will be well served do so sooner rather than later. A changing tide in the local housing market and the historically low interest rates make it a great time to buy. Despite falling inventory levels, you will still have plenty of choices and a good amount of negotiating ability. If you're looking to sell your home in the next year, things will hopefully be brighter and brighter from here. The pace of sales has increased and prices are stabilizing, so hopefully you won't see further declines in your home's value. If you absolutely have to sell now or soon, it shouldn't be as tough to do so as it has been recently --- but if you can wait, you would be well served to do so for another year or two to allow home values to recover further. After two wild five year cycles (up between 2000-2005, and down between 2005 and 2010) we are finally starting to see stability and growth in the Harrisonburg and Rockingham County housing market. The pace of home sales increased in 2011, and is set to do so again in 2012 – and it now appears that we may also see an increase in median sales prices during 2012. 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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