real estate news
for the Shenandoah Valley of Virginia
2020 marked one of the best years in the Shenandoah Valley Real Estate market! Home sales were up across the Valley on average 11%! A very low inventory of homes increased prices between 9% and 14%. We expect home prices to continue to increase about this same rate through 2021 due to a continued shortage of housing options.
Perhaps the story of the year was interest rates. Just when we think they will not decrease further, rates ended the year at 2.67% and fell again during the first week of 2021 to another historic low of 2.65%! Of important note is the Mortgage Purchase Application Index. This dropped off a cliff when the COVID-19 pandemic hit the market beginning the first week of April and fully recovered by the second week of June.
While the Harrisonburg-Rockingham, Shenandoah, and Page County markets experienced a steady climb throughout 2020, it was a different story for the Staunton-Waynesboro-Augusta County market. That market consistently underperformed compared to last year in nearly all indicators and then rallied in the fall months and into the winter to slightly outpace the 2019 market.
Stay tuned in 2021 as we continue to bring you weekly market updates. If you are in the market buy or sell this year, turn the professionals at Funkhouser Real Estate Group to provide you expert advice and representation.
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