As I reported earlier this week, the single family home market in the City of Harrisonburg is improving, both in the number of homes sold, and the median price of those sold homes.  There is also some good news in Rockingham County, but it's not quite as exciting.



As you'll note above, more single family homes are selling in Rockingham County this year as compared to last year.  The bad news is that they are selling for less --- there has been a 7% decline in median sales prices.

What does this mean if you are buying or selling a single family home in Rockingham County?

SELLERS:  Know they market!  If prices have declined 7% over the past year, you shouldn't be basing your list price on sales prices from a year ago --- unless you are then adjusting downward.  Furthermore, consider making your list price compelling today rather than potentially selling at a lower cost 6 to 12 months from now.

BUYERS:  Make sure that you are comfortable with what you are paying for a house --- and that you are comfortable staying in that home for several years.  Median prices will likely still decline a bit further this coming year (2011) before starting to level off and increase.