The graph above tracks the median sales price each year for the past 20+ years in Harrisonburg and Rockingham County based on home sales recorded in the HRAR MLS.

You'll note that...

[1]  Home prices increased rapidly (more than 10% per year) between 2004 and 2006.

[2]  Home prices then stayed relatively level for just over a decade, 2006 through 2016) with a few years of declines and a few years of increases.

[3]  Home prices started to climb again, though at a pace of less than 10% per year between 2015 and 2020.

[4]  Home prices have increased by 10% per year or more for each of the past three years, between 2021 and 2023.

What are your predictions for what we will see over the next few years?