I think those home buyers look at things a bit differently now.

Three years ago the median sales price in Harrisonburg and Rockingham County was $222,150.

One year later it had risen 11.5% to $247,700. 

Home buyers who were paying $247,700 thought they were paying WAY TOO MUCH for their homes.  Why in the world did they need to pay 11.5% more than a similar buyer one year earlier!?

My how those numbers look different today.

Now, just two short years later, the median sales price has risen 22.9% (in two years) to $304,485.

So, do you think those same home buyers who reluctantly paid $247,700 two years ago are upset for having paid 11.5% more than buyers were paying the previous year?

Nope, not at all.  They're delighted to have paid 22.9% less than buyers are paying today.

Yes, this is an unusual time.  I don't think we're going to see several more years of double digit annual increases in median sales prices.  That said, I also don't think we're going to see home prices decline.

So, while it can seem like today's home prices are high compared to home prices in the past -- your perspective might change a bit over the next few years when you're looking backwards at today's home prices.