Number Of Homes Selling Per Year In Harrisonburg And Rockingham County

A few more 2023 home sales might be reported in the HRAR MLS over the next week -- but the total shown above will be relatively close to the total number of home sales for Harrisonburg and Rockingham County last year.

A few observations about the graph above...

[1]  The 1,188 home sales that took place last year was the lowest number of home sales since all the way back in 2015.

[2]  Interestingly, annual home sales peaked in 2005 at 1,669 home sales -- and then again at 1,668 home sales in 2021.  Will we ever get up to that 1,670 mark?  ;-)

[3]  After the 2005 peak of 1,669 home sales, we saw declines in the number of home sales for five straight years.  Since the 2021 peak of 1,668 home sales we have seen two years of declines -- will we see another in 2024?

[4]  The peak of 1,668 home sales in 2021 was the culmination of a long run of year after year growth in annual home sales with 10 out of the 11 previous years showing an increase (green bar) in annual home sales.

Mortgage interest rates jumped to 22 year highs in 2023, which significantly impacted the number of homes that sold.  Now that mortgage interest rates are coming back down, somewhat, will that result in a leveling off of the decline in the number of homes that are selling?  I think it is too early to predict whether we'll see more 2024 home sales than in 2023 -- but I'll go ahead and make predictions anyhow in the coming days.  :-)