Nationwide Median Sales Price Declines For First Time In More Than 10 Years... But, What About Locally?
Scott P. Rogers
I saw the headline over at CNN yesterday... home prices are falling (nationwide, barely) for the first time in over a decade.
The median sales price of a home in the United States was $363,000 in February 2023...
...marking a (tiny) 0.2% decline from a year ago.
How do those numbers compare to Harrisonburg and Rockingham County?
February 2022 - February 2023
- Change in United States median sales price = -0.2%
- Change Harrisonburg and Rockingham County median sales price = +11%
February 2023
- U.S. Median Sales Price = $363,000
- Harrisonburg & Rockingham County Median Sales Price = $317,000
So, as usual, we're just doing our own thing over here in Harrisonburg and Rockingham County.
Will we see home prices decline in Harrisonburg and Rockingham County?
Before that happen, we'd need to see them level out (stop going up) which isn't happening at this point.
So, read the national news (if you must) but as usual, it's much more important to keep tabs on the local trends.
