Home Prices May Very Well Still Increase If The Market Slows


Home Prices May Very Well Still Increase If The Market Slows
By Scott Rogers • September 8, 2021
I work out at OrangeTheory, which involves high intensity group fitness classes. Sometimes when running on the treadmills the workout will involve continually increasing the incline - from 1% to 2% to 5% to 10%, sometimes all the way up to 15%, climbing an increasingly steep hill. Oh joy!?! Then, as we start lowering that incline -- from 15% to 12% to 10% to 5% and so on -- we start coming back down that hill... ...but wait. Really? No! We're not coming down a hill when we're running at a 5% or 10% incline!? We're still running up a hill! The hill might not be as steep of an incline as when it was 12% or 15% -- but it is still a hill. Just ask my fatigued legs if they feel like they are running downhill at that point!? That is also what we may very well see in our local housing market in coming months or years. We are currently seeing a 10% year over year increase in the median sales price. Will that last forever? Likely not. But if the market slows down -- will we see prices decline? Likely not. The market "slowing" will likely mean that the increases will be less steep -- just like on the treadmill. We may see a 3% to 5% increase in the median sales price, instead of a 10% increase. So, if you are waiting to buy a home until the "market slows down" you might keep in mind that a slower market won't necessarily mean lower home prices. 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).
Comments (0) or Subscribe