Thank Goodness Home Prices Are Not Increasing Very Quickly!


Thank Goodness Home Prices Are Not Increasing Very Quickly!
By Scott Rogers • August 8, 2017
There have been two very unique four year periods in recent history where the local median sales price increased to $192K. When home values increased between 2003 and 2006 up to a high of $192,983 -- they did so by increasing by 13% - 17% per year!! As we now know, this was NOT sustainable! Household income was not increasing at that same rate during that timeframe, house prices became too high for many to afford, and we experienced a significant market correction downturn. In contrast, over the past four years our median sales price has increased by 1% - 4% per year up to last year's level of $192,500. This seems like MUCH more sustainable growth and provides hope that today's home prices are stable and will continue to slowly increase over time. 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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