My Predictions for the 2020 Real Estate Market


My Predictions for the 2020 Real Estate Market
By Scott Rogers • January 9, 2020
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 2020. Above, you'll note that there was only a 1% increase in home sales between 2018 and 2019 -- and I am predicting a 2% increase between 2019 and 2020. A few thoughts along those lines... I believe buyer demand is still quite high and will continue to be high through the year. We have a steady and growing economy, this is a desirable place to live, and interest rates are still tremendously low. While continued low inventory levels could result in a decline in home sales in 2020, thus far the limited inventory has translated mostly into faster sales and not into fewer sales. New construction (or lack thereof) could sway these numbers in either direction. Much of the new construction that is happening right now is housing to be rented, not purchased. So -- I'm betting on another increase, albeit a small increase, in the number of home sales in Harrisonburg and Rockingham County in 2020. And how about those prices... As shown above, we saw a 7% increase in the median sales price in 2018, followed by a 5% increase in 2019! I am -- perhaps too boldly (?) -- predicting we'll see another 5% increase in the median sales price this year. If I'm wrong on either prediction, perhaps it will be this one -- perhaps we'll start to see prices rising, but not quite as fast as they have over the past two years. The chances seem relatively low that we'd see an actual decline in the median sales price in 2020. 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 2020. 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 24, 2024 (unless otherwise noted).
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