Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Tuesday, June 11, 2024
Full Disclosure: I have more questions than answers today.
In the first five months of this year versus last year...
- the median sales price of all homes increased 5%
- the median sales price of detached homes increased 13%
- the median sales price of attached homes increased 15%
Wait, what!?
The detached homes that sold in the first five months of this year sold at prices that were 13% higher than last year... and attached homes sold at prices that were 15% higher than last year... but when you combine the two data sets the median sales price is only 5% higher?
Yes, that is correct.
My first theory to try to explain this was that maybe more detached or attached homes sold in one year versus the other. But, it seems not...
2023: 68% detached, 32% attached
2024: 67% detached, 33% attached
Next up I looked at what happens when we take new construction homes out of the mix.
When looking at home sales in the first five months of this year versus last year, and when only looking at resale homes, not new homes...
- the median sales price of all homes increased 10%
- the median sales price of detached homes increased 10%
- the median sales price of attached homes increased 15%
That is certainly much less confusing than the first set of numbers.
Where do we go from here?
1. I want to see how some of these numbers change as we have more months of 2024 data to work with.
2. I will be thinking further about how to best understand changes in home values in this area... perhaps it is best to only look at resale home sales, or just look at resale detached home sales?
3. I will welcome the thoughts, theories, guesses and questions from my readers. :-) Yes, that's you.
