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Home Sales On The Rise Again In 2024 |
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 Happy New Year! A few more 2024 home sales might be reported in the HRAR MLS over the next week -- but the total shown above will be relatively close to the total number of home sales for Harrisonburg and Rockingham County last year. A few observations about the graph above... [1] After two years of declining home sales (2022, 2023) we are now see home sales on the rise again in 2024. The final count (at this point) shows a 13% increase in home sales between 2023 and 2024. [2] The large number of home sales in 2020, 2021 and 2022 were at least in part impacted by the Covid-19 pandemic, historically low mortgage interest rates, and a frenzy of buying activity as a result of more and more people working from home during that pandemic. If we ignored those three years of home sales for a moment, we'd find that the 1,339 home sales in 2024 was the highest number of home sales in a year in over 15 years. [3] Home sales declined significantly in 2023 due in part to significant increases in mortgage interest rates. These mortgage interest rates came down a bit in 2024, but not significantly, and yet, home sales rose again in 2024. What should we expect for 2025? I'll look ahead at some predictions for 2025 in the coming days. Stay tuned. Recent Articles:
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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