Welcome! This blog tracks the real estate market in the Central Shenandoah Valley, featuring market data and analysis, an exploration of common buying and selling questions, and candid commentary on all things real estate.
If you are interested in discussing any of the topics on this blog, or the details of your specific real estate situation, call or e-mail me!
You have one more chance to customize a Liberty Square II townhouse --- as there is only one townhouse remaining in the development. The model home is shown above, and will be under contract later this week.
Send me an email (scott@HarrisonburgHousingToday.com) if you're interested in buying a townhouse at Liberty Square II. Now is the time to act!
Learn all about Harrisonburg's 22 townhouse communities on HarrisonburgTownhouses.com, now updated with 2012-Q3 sales trend data.
After staying relatively stable over the past few years, townhome values are dropping quite quickly in 2011 -- per the median home value of Harrisonburg and Rockingham County townhomes....
Townhome Sales between January and March 2010:
Townhome Sales between January and March 2011:
I believe what we're seeing here is that the median (and average) sales prices are coming down because of the composition of which (townhome) properties have actually sold in the first quarter of 2011. If my theory is correct. the median (and average) sales prices might increase quickly as the year continues. Alternatively, they could stay quite low if the smaller, older, more remote townhomes continue to sell -- at lower prices than most.
Properties selling in 2011 (1Q) under the $126,000 median sales price included:
It's rather puzzling. Despite fewer (and fewer) townhome buyers, prices are holding relatively steady....
One of my clients hypothesized that perhaps prices are holding steady because the townhomes that buyers are actually buying these days (2010/2011) are new townhomes, and are thus worth more.
To test this theory (which I definitely agreed with) I examined the median age of the townhomes that sold for each year between 2006 and 2010....
Based on the information above, it doesn't seem that townhomes are holding steady in price because buyers are just buying new townhomes these days. In fact, the reverse is true, more of the townhomes purchased 4 and 5 years ago were new than of those purchased in 2010/2011.
Examining the data from another perspective, I thought I'd check the percentage of the townhome market that is made up of sales of new townhomes....
Again, the data shows that fewer and fewer (proportionally) of the townhomes being purchased are new townhomes --- thus the theory that prices are holding because newer townhomes are what is actually selling does not seem to hold true.
So, what could it be? Any other theories that I can test? Why are townhome values so resilient in Harrisonburg and Rockingham County?
In working with several townhome buyers over the past few months, I developed the map below outlining the main "new-ish" townhome developments in and around Harrisonburg. There are certainly other smaller and/or older subdivisions, but this map shows the location of your main options for two and three story townhomes. Take a look below the map for links to properties for sale in each subdivision.
New-ish townhomes for sale in and around Harrisonburg:
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Harrisonburg New Homes
The Glen at Cross Keys
Cottages @ Stone Spring
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