Between 2020 and 2021, the median sales price of a detached home in Harrisonburg and Rockingham County increased by over ten percent!

Between 2021 and 2022, the median sales price of a detached home in Harrisonburg and Rockingham County increased by over ten percent!

I've told you about these back to back years of double digit increases enough times that you might not be surprised when you read the statements above.

But, sometimes when we translate it into actual numbers, it can be surprising.

Let's say a property was worth $460K two years ago.  Based on the changes (+10%) in the overall market, that property may very well have been worth $506K last year.  Based on the changes (10%) in the overall market, that property may very well be worth $556K today.

Gasp!

A house that was worth $460K two years ago is now potentially worth almost $560K today?  An increase of nearly $100,000 in just two years!?!

Indeed, these double digit increases in value can end up being very large increases in dollars when we start at a very high price point.