Within the first week of 2022 I made two predictions for the 2022 Harrisonburg and Rockingham County real estate market related to how many home sales we would see, and what changes we would see in the median sales price in our market.

As shown above, I was predicting a 2% increase in the number of home sales in our  market... from 1,668 sales up to 1,695 sales.

But... higher mortgage interest rates intervened, cooling buyer demand, leading to a 7% decline in home sales... from 1,668 sales down to 1,555 sales.

And how about those prices...

As you can see above, I was predicting that after two years (!!) of 10% increase in the median sales price that we would only see a 5% increase in the median sales price last year... which would have been an increase from $270,000 to $284,000.

But, in actuality, high levels of buyer demand throughout most of the year lead to an increase in the median sales price that was much larger than I had predicted.  The median sales price in our local market increased 11% in 2022, from $270,000 up to $299,900!

Stay tuned later this week for my predictions for the local housing market in 2023.