This post is based on Harrisonburg and Rockingham County data — perform the analysis on your local market data to provide a similar guide to homeowners in your area….
The chart above is calculated based on comparing this year’s median sales price to the median sales price in each of the prior eleven years.
Several key points to take away from this chart….
- For many, many home owners, this chart may have very little pertinence to the value of your home. These calculations are based on median sales prices, and your home (and/or neighborhood) may have performed VERY differently during any of these time periods.
- If you bought your house between 2005 and 2008, it’s a tough time to try to sell. (Hopefully, that’s not news to anyone.)
- Home values are still declining (year-over-year), so despite today’s buyers getting great deals on their houses, they still need to plan to be in them for at least five years to be sure to see gains in their home value.
- If you bought in 2004 or prior, you should do just fine if you are selling today.
But again, the most important point is that while this might provide a general guide to what has happened with home values over the last decade (+), every home and neighborhood is unique.
Again, this post is based on Harrisonburg and Rockingham County data — perform the analysis on your local market data to provide a similar guide to homeowners in your area….