The median sales price of detached homes in Harrisonburg and Rockingham County has increased 2% over the past year.

You own a detached home in Harrisonburg or Rockingham County.

So... your home value has increased 2% over the past year... right?

Well, maybe.

Trends in our overall market can be helpful for providing insight into the ways in which our overall market is changing... but those overall trends are not usually specifically and accurately descriptive of how a single home's value has changed over time.

So... if you're thinking about selling your home and thus you are curious whether your home value has increased 2% over the past year... or if it has increased 5%... or if it has decreased 5%... then we ought to look at the most recent sales of comparable homes.  That will more quickly dial into the real trends in your corner of the local market.

So, is it helpful to know about overall market trends?  I think so.  

Is knowing those overall trends going to tell you everything you need to know about your home and its value?  Probably not.