The analysis above looks only at single family home sales -- which excludes duplexes, townhouses and condos.  This metric is a helpful indicator for the overall residential market because there are not usually a lot of investors participating in this segment of the market, thus it is typically a good representation of owner occupant demand for houses.

As is shown above, the last few years have seen (small) declines in median sales prices with a 2% decline in 2013 and a 1% decline in 2014.

It is, thus, exciting news (for home sellers, though perhaps not as much for home buyers) that these median sales prices have increased by nearly 8% thus far in 2015 as compared to 2014 median sales prices.

Read more about current market trends in my monthly market report found online at HarrisonburgHousingMarket.com.