The Virginia Association of Realtors released their 2nd Quarter Home Sales Report last week, which clearly demonstrates that all real estate is local -- that is to say that all local markets perform quite differently!

The graph below shows the change in number of home sales in each local market in Virginia when comparing 2nd Quarter 2008 to 2nd Quarter 2009. 



Harrisonburg/Rockingham is actually one of the slowest markets in thestate, when compared to last year, with a 26.3% decline in the numberof home sales.  Interestingly, there are several parts of the statewhere home sales are picking up speed again: Northern Virginia,Lexington / Buena Vista, Greater Piedmont and Fredericksburg.  (clickon the graph above for a clearer, printable version)

Next, below, we see that there is also a great deal of variation in median sales prices across Virginia.



Harrisonburg is in the middle of the pack as far as changes in median sales price, with a -1.2% change in the last year (2nd quarter vs. 2nd quarter).  As you can see, some areas of the state have seen a 25% (or more) decline in median sales prices, and some areas have started to see median sales prices increase again.

In addition to the stats, you can also review the full (16 page) home sales report, or listen to the media conference call summarizing the report (listen carefully, and you might hear my commentary on the Harrisonburg / Rockingham market).