I talk with a lot of people who purchased homes at the peak of the bubble. In Harrisonburg/Rockingham, the peak of the market, in terms of median sales price was in 2007. At the start of the year, I did a comparison of how close 2015 was to being fully recovered from the bubble bursting. Since then, sales have been hot. The lack of inventory and the surplus of buyers have helped create higher median sales prices. So where do we stand now?
2016 Median Sales Price Compared to The Peak and Bottom of The Bubble
As we can see, so far in 2016, the median sales price has almost matched that of 2007. In fact, we are only 1% under the median sales price of 2007. We'll need to see how sales continue for the rest of the year to get a comprehensive analysis. I will be sure to do a more in depth analysis at the end of the year.