Reviewing My Predictions From Last January For The 2023 Real Estate Market


Reviewing My Predictions From Last January For The 2023 Real Estate Market
By Scott Rogers • January 4, 2024
Well... my predictions for last year's local housing market weren't exactly spot on. :-) Let's take a look. Above you'll see actual versus predicted number of home sales in Harrisonburg and Rockingham County within the context of the past few years... [1] We saw a decline in home sales between 2021 and 2022 -- and I was predicting another decline in 2023. [2] I predicted a 7% decline in annual home sales. [3] We ended up seeing a 23% decline in annual home sales! So, yes, the number of homes selling in our area did indeed decline -- but much further than I had predicted. And how about sales prices... Again, the realities of the 2023 real estate market didn't quite match my predictions... [1] We saw an 11% increase in the median sales price in 2022. [2] I predicted a smaller (5%) increase in the median sales price for 2023. [3] We ended up seeing a 10% increase in the median sales price last year. So... the market slowed down more than I thought it would... and median sales prices rose much more than I thought they would. But don't worry... soon I'll put my prediction failures behind me and will make some new predictions for 2024. :-) Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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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