It seems likely that we will see a decline in home price GROWTH in 2022.
Here are the changes in the median sales price over the past five years...
2017 = +3%
2018 = +7%
2019 = +5%
2020 = +10%
2021 = +10%
While I don't think we will see the median home PRICE decline in 2022...
...I do think we will see the GROWTH in the median home price decline.
Given quickly rising mortgage interest rates, it seems more likely than not that we will NOT see another 10% increase in the median sales price of homes in Harrisonburg and Rockingham County this year.
I think we are likely to still see the median sales price increase, but perhaps not as quickly as it has over the past two years.
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