Between 2019 and 2021 we saw very high levels of buyer demand... and very low mortgage interest rates... which lead to higher and higher sales prices.
In 2022 we saw continued high levels of buyer demand... combined with much higher mortgage interest rates... and yet, prices kept rising.
Perhaps we'll never need to know the answer to my "what if" above... since buy demand might remain quite high in the Harrisonburg and Rockingham County area for years to come...
But what if.... buyer demand declined... and mortgage interest rates remained high... would prices remain high? Or would prices level out? Or would prices start to decline?
Again, so long as buyer demand remains high, we may never need to know the answer to this hypothetical question... but feel free to let me know what your guess is as to how our local market would respond...
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