When you see a 12% increase in the median sales price between 2021 and 2022 you might wonder if it is just a result of larger homes selling this year than last.

It's a reasonable question, and a relatively straightforward one to investigate...

The graph above shows...

BLUE LINE = median sales price of single family homes in Harrisonburg and Rockingham County

GREEN LINE = median price per square foot of those same single family homes in Harrisonburg and Rockingham County

If the 12% increase in the median sales price could best be understood as a collective increase in the size of homes being sold, we would see an increase in the median price per square foot that was smaller than 12%.

In fact, over the past year, the median price per square foot has increased by 13%, right alongside the median price increasing by 12%.

So, this significant increase in sales prices does not seem to be attributable to larger homes selling.