Is The Harrisonburg Housing Market Nine Percent Overvalued?


Is The Harrisonburg Housing Market Nine Percent Overvalued?
By Scott Rogers • May 5, 2022
There's a good article to read over at Fortune from earlier this week... FORTUNE: We're in a historically overvalued housing market, and these cities could see home prices drop 10%, Moody's says In a nutshell... [1] Moody's Analytics believes the housing boom will wind down in the coming year, perhaps leading to no year-over-year home price growth a year from now. [2] Zandi, chief economist at Moody's, does not think we will see large price corrections, but some markets might. [3] Moody's ran an analysis of local housing markets within the context of local income levels to estimate which markets might be overvalued. [4] Of the 392 metropolitan statistical areas they studied, 149 markets are overvalued by at least 25%... with a high of 73% in Boise. As you can see from the map above (embedded in the article at the link above) the analysis by Moody's indicates that the Harrisonburg market may be 9% overvalued within the context of income. Read the entire article for much more commentary and further insights... FORTUNE: We're in a historically overvalued housing market, and these cities could see home prices drop 10%, Moody's says 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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