Looking Back At My Predictions For The 2022 Harrisonburg Real Estate Market


Looking Back At My Predictions For The 2022 Harrisonburg Real Estate Market
By Scott Rogers • January 2, 2023
Within the first week of 2022 I made two predictions for the 2022 Harrisonburg and Rockingham County real estate market related to how many home sales we would see, and what changes we would see in the median sales price in our market. As shown above, I was predicting a 2% increase in the number of home sales in our market... from 1,668 sales up to 1,695 sales. But... higher mortgage interest rates intervened, cooling buyer demand, leading to a 7% decline in home sales... from 1,668 sales down to 1,555 sales. And how about those prices... As you can see above, I was predicting that after two years (!!) of 10% increase in the median sales price that we would only see a 5% increase in the median sales price last year... which would have been an increase from $270,000 to $284,000. But, in actuality, high levels of buyer demand throughout most of the year lead to an increase in the median sales price that was much larger than I had predicted. The median sales price in our local market increased 11% in 2022, from $270,000 up to $299,900! Stay tuned later this week for my predictions for the local housing market in 2023. 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 22, 2024 (unless otherwise noted).
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