Many people have been looking for the market to fully recover since the bubble burst. Those who purchased a home at the height of the market are particularly interested the current sales as it directly relates to them being able to sell their home without a loss.
Let’s take a look at the statistics.
Median Sales Price Since of Single Family Homes and Town Homes in Harrisonburg City and Rockingham County
First of all, take note that the median sales price jumped $65,000 from 2003 to 2006. In contrast, housing prices fell $25,000 when comparing the peak of the market (2007) to the lowest point (2011). Since then, the median sales price has recovered $15,000. In regards to median sales price, we have recovered 60% from the bottom of the market in 2011.
Number of Sales of Single Family Homes and Town Homes in Harrisonburg City and Rockingham County
Next, lets take a look at number of sales. As we can see, the number of sales is trending upward. 2015 was still 33% under the peak of sales volume in 2005. In contrast, 2015 was 29% over the bottom of the sales volume in 2010.
When comparing the two graphs, one could speculate that the increase of sales led to the increase of housing prices. Then, the inflated housing prices led to the drop in sales. The correlation comes from observing that the peak in the number of sales came in 2005. The number of sales began a sharp decline as the median sales price peaked (2006-2008).
Finally, both graphs indicate a slower but more sustainable growth in the real estate market.
All data was pulled from HarrisonburgHousingMarket.com