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.
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