My Predictions for the 2019 Real Estate Market


My Predictions for the 2019 Real Estate Market
By Scott Rogers • January 4, 2019
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 2019. As you'll note above, I am predicting that we will see 1,325 home sales this year - which is simultaneously a bold and conservative prediction. :-) If we see 1,325 home sales, it will be the HIGHEST number of home sales seen any time in the past year. But yet, those 1,325 home sales would only be a 2% increase over the pace of home sales in 2018 -- which would be the smallest annual increase in the pace of home sales seen over the past few years. I think we will still see relatively low inventory levels this year, but yet buyers will still find enough homes that match their criteria to allow for this increase in home sales. With a growing local population, a steady local economy and relatively low mortgage interest rates, it seems likely that we'll see a continuation of slow annual increases in the pace of home sales. And how about those prices? Above, you'll note that I am predicting that the median sales price in Harrisonburg and Rockingham County will increase 2% to $217,000 in 2019. Going with bold and conservative again -- this is a bold prediction, in that it be the highest median sales price ever seen in this area -- but at the same time is only a small increase in median price over last year, and a much smaller increase than seen between 2016 and 2017. Keep in mind (I know I've said it a lot lately) that the 7% increase in the median sales price in 2018 was not necessarily an actual 7% increase in home values -- but rather a shift towards more (higher priced) single family homes selling and fewer (lower priced) townhomes, duplexes and condos selling -- resulting in 7% increase in the median sales price of the combination of those two property categories. OK - enough about my predictions --what about for you? Email me (scott@HarrisonburgHousingToday.com) and let me know where you think our local market will go in 2019. And keep up with all the market data between now and next January 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: 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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