No, Home Values Are Not Falling In Belmont Estates


No, Home Values Are Not Falling In Belmont Estates
By Scott Rogers • October 1, 2019
This post could also be called "The Dangers of Micro Market Analysis" as you'll discover... The graph above shows that the median sales price of homes in Belmont Estates has been falling over the past few years -- from $311K down to $305K and now down to $289K. How could this be!? After all, aren't home values generally going up right now? Yes, in fact, home values are going up right now. Above you'll see that the median sales price of all homes in Harrisonburg and Rockingham County has risen from $224,600 in 2017 to $228,000 last year to $235,500 in 2019. So, if home values are going up in our overall market area, why is the median sales price going down in Belmont Estates? Do folks just not want to live there any longer? I would suggest that the decline in the median sales price in Belmont Estates is not a result of home values falling, but rather, a result of which specific homes happen to have sold in Belmont Estates over the past three years. We can see this when we look at the size of the homes that sold each year... As you can see, smaller homes have sold in Belmont Estates as we moved from 2017 to 2018 to 2019. So -- either homes in Belmont Estates are shrinking (ha ha - just kidding) or the median sales price appears to have declined over the past two years because smaller and smaller homes have happened to have sold each year. And thus, this is the danger of analyzing a micro market -- a small amount of data points might lead you to incorrect conclusions. 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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