How To Best Understand How Home Values Are Changing


How To Best Understand How Home Values Are Changing
By Scott Rogers • June 11, 2024
Full Disclosure: I have more questions than answers today. In the first five months of this year versus last year... the median sales price of all homes increased 5% the median sales price of detached homes increased 13% the median sales price of attached homes increased 15% Wait, what!? The detached homes that sold in the first five months of this year sold at prices that were 13% higher than last year... and attached homes sold at prices that were 15% higher than last year... but when you combine the two data sets the median sales price is only 5% higher? Yes, that is correct. My first theory to try to explain this was that maybe more detached or attached homes sold in one year versus the other. But, it seems not... 2023: 68% detached, 32% attached 2024: 67% detached, 33% attached Next up I looked at what happens when we take new construction homes out of the mix. When looking at home sales in the first five months of this year versus last year, and when only looking at resale homes, not new homes... the median sales price of all homes increased 10% the median sales price of detached homes increased 10% the median sales price of attached homes increased 15% That is certainly much less confusing than the first set of numbers. Where do we go from here? 1. I want to see how some of these numbers change as we have more months of 2024 data to work with. 2. I will be thinking further about how to best understand changes in home values in this area... perhaps it is best to only look at resale home sales, or just look at resale detached home sales? 3. I will welcome the thoughts, theories, guesses and questions from my readers. :-) Yes, that's you. 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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