Home Buyers Who Bought Homes Two Years Ago Thought They Were Paying Crazy High Prices For Their Homes


Home Buyers Who Bought Homes Two Years Ago Thought They Were Paying Crazy High Prices For Their Homes
By Scott Rogers • March 13, 2023
I think those home buyers look at things a bit differently now. Three years ago the median sales price in Harrisonburg and Rockingham County was $222,150. One year later it had risen 11.5% to $247,700. Home buyers who were paying $247,700 thought they were paying WAY TOO MUCH for their homes. Why in the world did they need to pay 11.5% more than a similar buyer one year earlier!? My how those numbers look different today. Now, just two short years later, the median sales price has risen 22.9% (in two years) to $304,485. So, do you think those same home buyers who reluctantly paid $247,700 two years ago are upset for having paid 11.5% more than buyers were paying the previous year? Nope, not at all. They're delighted to have paid 22.9% less than buyers are paying today. Yes, this is an unusual time. I don't think we're going to see several more years of double digit annual increases in median sales prices. That said, I also don't think we're going to see home prices decline. So, while it can seem like today's home prices are high compared to home prices in the past -- your perspective might change a bit over the next few years when you're looking backwards at today's home prices. 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).
Comments (0) or Subscribe