Maybe the price of building lots has not plummeted?


Maybe the price of building lots has not plummeted?
By Scott Rogers • June 23, 2015
The story illustrated above (lot prices plummeted 50% and have never recovered) is the one I've been running with over the past few years. It takes the $100K lot value as the "new norm" and then looks at all values after that point ($55K-ish for years and years) as depressingly low. Perhaps that's not the correct storyline. What if this is really the story.... Perhaps the story to be told is that lot values steadily increased between 2000 and 2005 (from $26K to $55K), then had an abnormal, unnatural, unsustainable spike (to $99K) before settling back down to the then continued norm of $55K-ish. If this, is, the more important story to be embracing, then we need not be quite as depressed. Other than a brief two year wild party (for sellers of building lots) the median sales price of these lots has been around $55K for the past decade.... 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 24, 2024 (unless otherwise noted).
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