Scott P. Rogers
Funkhouser Real Estate Group
540-578-0102  •  email
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Friday, June 20, 2008
One problem with tracking median home sales prices in a relatively small market is that median home sales prices can easily be swayed if a large number of small (or large) homes sell in a particular month or quarter.

To try to account for the size of the home, I decided to take a look at how the median price per square foot has changed over the past six years.

Trends in Average Price Per Square Foot

This graph has a few irregularities, but overall seems like it might be a reasonably trustworthy indication of how home values are adjusting over time.

Do bear in mind that while I have removed the size factor, I have not accounted for some other factors such as age. The first quarter of 2004 showed a sizable decrease in median home sales price --- this could be explained by a large number of older homes selling, or by some other factor that would affect the price per square foot of homes that sold.