My Predictions for the Harrisonburg Area Real Estate Market in 2016


My Predictions for the Harrisonburg Area Real Estate Market in 2016
By Scott Rogers • January 18, 2016
Last year (2015) was a solid year for the Harrisonburg and Rockingham County residential real estate market, with a 3% increase in the pace of home sales. This level of home sales (1,022) was the highest number of home sales seen anytime in the previous seven years. I expect that we will see continued improvement in the number of home buyers purchasing homes in our local area in 2016. As shown to the right, I am predicting a 5% improvement in the pace of sales, for a total of 1,175 home sales in 2016. I believe we will see continued increases in local employment opportunities, combined with only small increases in mortgage interest rates, leading to continued increases in home buyer activity. After three years (2012, 2013, 2014) of very small increases in the median sales price (+1%, +2%, +2%) we finally did see a more substantial increase in 2015. The 4% increase in the median sales price last year increased the median price to $185,000 -- the highest price seen since back in 2009. Over the next year, expect that we will see further improvements up to a median sales price of $192,500. If this indeed happens, this will be the third highest annual median sales price we have ever seen in this area. The highest median sales prices on record of $195,000 in 2008 and $195,100 in 2009 were both during the real estate boom. 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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