Has The Value Of Your Specific Home Increased By Thirty Percent Over The Past Three Years?


Has The Value Of Your Specific Home Increased By Thirty Percent Over The Past Three Years?
By Scott Rogers • February 28, 2024
It's a reasonable question! The median sales price in Harrisonburg and Rockingham County has increased 10% per year for each of the past three years. Combining all three of those years together, the median sales price has increased 34% over the past three years. In real numbers... the median sales price has jumped from $246,500 to $330,152 during that timeframe. So, if you owned a $246,500 home three years ago, is your home worth $330,152 today? Possibly. But quite possibly, not. The other variable hidden within median sales price trends is WHAT sells, beyond HOW MUCH it sells for. For example (just an example - not real) if only tiny houses sold three years ago and only mansions sold this year, the median sales price would increase more than we might otherwise expect. As a slightly real-er example, we have seen a steady increase in the share of new construction homes that are selling in Harrisonburg and Rockingham County over the past five years... 2019 - 13% new home sales 2020 - 15% new home sales 2021 - 19% new home sales 2022 - 26% new home sales 2023 - 26% new home sales Given that new homes are almost universally more expensive than a comparably sized resale home, an increased share of new homes selling would push the median sales price higher than it would have been simply via changes in market values. All that is to say... while the median sales price has increased over 30% during the past three years... your home might not have increased in value by 30%. The median sales price is an evaluation of the prices at which particular homes sold and is not always a reasonable substitute for overall changes in market values. 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 21, 2024 (unless otherwise noted).
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