Did Home Value Rise 20 Percent In Highland Park in 2020?


Did Home Value Rise 20 Percent In Highland Park in 2020?
By Scott Rogers • December 30, 2020
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 Highland Park has increased 20% over the past year from $534K to $639K! How could this be!? I know home values are going up (10% in 2020) but are homes in Highland Park really increasing in value at a rate of 20% per year? I believe this 20% increase in the median sales price is more related to which homes sold in each of the two years more than it is related to the value of homes in that neighborhood going up by 20% in a single year. As you can imagine, if larger, more recently built, more upgraded or more updated homes sell in a given year compared to another - then the median sales price of homes that year will be higher. And thus, this is the danger of analyzing a micro market -- a small amount of data points might lead you to incorrect conclusions. So when you look at home value trends in a specific neighborhood, make sure to check out both the sample size (how many homes sold in a given time period) as well as which homes actually sold in each time period. 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 23, 2024 (unless otherwise noted).
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