Home Buyers Who Bought Homes Two Years Ago Thought They Were Paying Crazy High Prices For Their Homes


Home Buyers Who Bought Homes Two Years Ago Thought They Were Paying Crazy High Prices For Their Homes
By Scott Rogers • March 13, 2023
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. Receive Updates by Email Recent Articles: Buyer Demand Exceeds Supply In Varying Degrees By Price Range Pending Home Sales Data Points To Slower Months Of Home Sales Ahead Detached Resale Home Sales Decline 39% In Two Years, Down To... Pre Covid Norm What A Great Time To Sell Your Million Dollar Home How Likely Is It That We Will Find A House That Fits You Better Than This One In The Next 90 Days? Fewer Home Sellers, Thus Fewer Home Buyers, But Ever Higher Sales Prices In Early 2023 First Look At February 2023 Home Sales Valley View Village, To Include 420 Apartments, Proposed For Reservoir Street Balancing Optimism, Pessimism And Realism When Thinking About An Almost Perfect House
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Mar 22, 2023 (unless otherwise noted).
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