My Predictions for the 2018 Real Estate Market


My Predictions for the 2018 Real Estate Market
By Scott Rogers • January 8, 2018
As is my annual tradition, I am making some predictions about what we'll see in the Harrisonburg and Rockingham County real estate market in 2018. As you'll note below, I am optimistic about the coming year as it pertains to home values -- but as shown above, not so much when it comes to sales volume. Just as we saw a 5% drop in sales in 2017 -- I believe we will see a further decline in the number of home sales in 2018. I am predicting a 2% year-over-year decline in the number of homes being sold. This will largely be a result of a lack of supply -- not a lack of demand. I believe we will still see high levels of buyer interest in many or most price ranges, but a lack of housing supply (listing inventory) will keep us from seeing as many home sales as we did in 2016 and 2017. As shown above, I am predicting another 3% increase in the median sales price during 2018. Over the past several years we have seen steady increases in the median sales price, and I believe that trend will continue, partially as a result of continued high demand for housing and low supply of housing. My hope is that we do not see a significant increase (greater than 6%) in the median sales price, as these types of increases are typically short-term, cannot be sustained, and can lead to future downward corrections. Those are my predictions, what about for you? Email me (scott@HarrisonburgHousingToday.com) and let me know where you think our local market will go in 2018. And keep up with all the market data between now and December 31 by signing up to receive my monthly housing market report by email if you are not already receiving it. 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 22, 2024 (unless otherwise noted).
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