The graph above tracks the median sales price each year for the past 20+ years in Harrisonburg and Rockingham County based on home sales recorded in the HRAR MLS.
You'll note that...
[1] Home prices increased rapidly (more than 10% per year) between 2004 and 2006.
[2] Home prices then stayed relatively level for just over a decade, 2006 through 2016) with a few years of declines and a few years of increases.
[3] Home prices started to climb again, though at a pace of less than 10% per year between 2015 and 2020.
[4] Home prices have increased by 10% per year or more for each of the past three years, between 2021 and 2023.
What are your predictions for what we will see over the next few years?
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