Well, it's hard to say, because we're still in the midst of the first dip....



The blue line above shows the Case-Shiller U.S. National Index Levels, which is a measure of home values across the United States.  As you can see, home values declined between 2006 and 2009, but then started to increase again in 2009 and 2010 -- due largely to the federal home buyer tax credit.  Alas, home values (nationally) have started to decline again, which many are calling a "double dip" in home values.

For better or for worse, Harrisonburg and Rockingham County do not need to worry about a double dip in the near future --- because we're still in the midst of the first dip.  As you can see above in the red line, local home values have only gradually decreased between 2008 and today. 

So, while median home values are still declining in Harrisonburg and Rockingham County, there is some good news on other fronts, for example despite April being a seven month low in contracts across the country, it was a twelve month high for Harrisonburg and Rockingham County!
 
Stay tuned for more market analysis as the May data is compiled and analyzed over the next week.