Are high priced homes selling in Harrisonburg and Rockingham County?
Scott P. Rogers
Peruse my most recent monthly market report and you're certain to notice that our market (Harrisonburg & Rockingham County) has a very large supply of homes priced above $400,000. In fact, at the rate these homes are currently selling (54 sold so far in 2008), it would take 26 months to sell them all (117 are currently for sale).
However, this doesn't necessarily mean that high priced homes are not selling, or that those sales have dropped dramatically compared to the rest of the market.
The graph below shows the total number of single family home sales in Harrisonburg and Rockingham County over the past five years...
As you can see, there has been a 40% decline in single family home sales between 2004 and 2008 in Harrisonburg and Rockingham County.
The graph below shows the total number of single family home sales above $400,000 in Harrisonburg and Rockingham County over the past five years...
It may come as a surprise that there has been a 32% increase between 2004 and 2008 in home sales of those single family homes priced above $400,000. The other factor at play here, however, is that homes have increased in value since 2004, so comparing these two charts isn't a perfect statistical analysis. However, this does drive home the fact that indeed high priced homes are still selling in our market.
