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!
Townhouses
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Where Have All The Townhouses Gone? Buyers Have Bought Them Every One! |
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 OK, admittedly, there are still SOME townhouses remaining to be purchased in Harrisonburg and Rockingham County -- but the inventory levels are declining relatively quickly. In fact, there are now just 68 townhouses (and duplexes and condos) for sale in all of Harrisonburg and Rockingham County -- which is a 59% decline from two years ago. Wow! Some part of this is that buyer demand is increasing -- and the situation also isn't helped by the very small number of new townhouses that are being built these days. Over the past 10-15 years we saw many new townhouse developments that (at the time) fell into that price range, including:
Now, however, there are significantly fewer options available when it comes to newly built townhouses in or near Harrisonburg, under $200K....
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Limited Options for New Townhouses in Harrisonburg |
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 One of the reasons why the under $200K market is inventory-challenged right now is because there is very little new construction happening in this price range. Over the past 10-15 years we saw many new townhouse developments that (at the time) fell into that price range, including:
Now, however, there are significantly fewer options available when it comes to newly built townhouses in or near Harrisonburg, under $200K....
I think a considerable opportunity exists for a townhouse developer to build new, $170K - $190K townhouses in the City of Harrisonburg -- if it can be done! | |
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Will the Median Sales Price of Townhouses Perk Up in 2017? |
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 Despite increases in the pace of sales over the past five (!!) years, we have not seen increases in the median sales price of these properties over the past two years. In fact, the median sales prices of townhouses (and duplexes and condos) actually declined by 1% in 2016. So -- what might 2017 have in store for us? So far, it seems that we might see an overall increase in the median sales price, but it is still early in the year. Stay tuned, and until then, feel free to peruse my full market report by clicking on the image below.  | |
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Last call for a new townhouse at The Townes at Bluestone in 2015 |
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 If you were hoping to buy a new townhouse at The Townes at Bluestone in 2015, you only have one more opportunity to do so. These townhouses are selling fast, and there is only one remaining townhouse available that could be completed this year. There are plenty more in future sections of the community, but the next building will not be complete until Spring 2016 (+/-). Feel free to walk through the model home, online, in 3D here. | |
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Townhouse (duplex, condo) buyers from 2008 may have to wait until 2018 to see their home value return to the original purchase price |
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 Yesterday I ran an analysis on single family home values -- which suggested that home buyers from 2006 may have to wait until 2020 to see their home value return to the original purchase price. Today, we're answering a similar question for townhouses.... So, let's say one bought a townhouse in 2008or any of the other "red" years above. What's the thought on a reasonable expectation for a townhouse to at least recover the value to the purchase price (and then, of course, hopefully, higher)?OK, so, first of all -- the values in the middle (red and green) column above are showing the potential current value of your townhouse depending on when in the past 15 years you purchased the home. Basically, those folks who purchased before (2000-2005) the real estate boom have higher home values now than when they purchased their townhouse -- and people who bought between 2006 and 2010 have a lower home value today. Townhouse buyers in recent years (2011-2013) are doing just fine. So, back to the question at hand -- how long it will take townhouses to return to the value that they had when they were purchased. As shown above in the right (grey and yellow) column, we can sort of guess as what that time frame will look like if we assume that home values will increase 3% per year over the next five (etc.) years. This analysis shows that....
And, for the data lovers out there, feel free to peruse lots of market indicators and graphs at HarrisonburgHousingMarket.com. | |
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Buying a townhouse in Harrisonburg or Rockingham County |
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 If you are considering the purchase of a townhouse in Harrisonburg or Rockingham County, you'll likely want to know about all of the townhouse communities that might be of interest, as well as knowing recent sales prices in those communities, current availability, etc. Find all of that information, and more, at HarrisonburgTownhouses.com. | |
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Revamped HarrisonburgTownhouses.com now features aerial images and live analysis of sales trends |
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A few years ago, I created HarrisonburgTownhouses.com, a website providing comprehensive information about the main townhouse communities in and around Harrisonburg, Virginia. Today, HarrisonburgTownhouses.com has been revamped and relaunched with an entirely new format and now featuring an aerial photo of each community and live analysis of sales pace and price trends. Take a look, and let me know what you think, or if you have any recommendations for further improvements.  This is a sampling of some of the information you will find for each townhouse community....  Explore more at HarrisonburgTownhouses.com. | |
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New Townhouses in the City of Harrisonburg |
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 There aren't many new townhouses going up in Harrisonburg -- but The Townes at Bluestone is one example of a new townhouse development that is proving to be very popular with buyers. These townhouses feature plenty of upscale features including:
The next set of townhouses with garages (Lots 98-101) is being released this week. A few price points to consider at The Townes include....
Find out more about The Townes at Bluestone.... | |
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Upscale New Townhouses Selling Fast in Blue Stone Hills |
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 Townhouses are selling fast in Section II at The Townes at Bluestone -- with only one townhouse remaining for sale in the first building of townhouses (Lots 94-97) with garages. Next to hit the market will be a building of seven townhouses with walkout basements (Lots 125-131) that will start at $184,900. Learn more..... If you have been secretly planning to buy one of these townhouses, let me know, so I can alert the builder of your interest. | |
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New Townhouses at The Townes at Bluestone |
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 Exciting news! Townhouses are now for sale in Section 2 at The Townes at Bluestone, starting at $184,900. You can see the location of the first two buildings, as well as the pricing, here, and you can view and download the floor plans here. If you are looking for a NEW townhouse in the City of Harrisonburg, The Townes at Bluestone may be a great option for you. Find out more at TheTownesAtBluestone.com, or let me know (540-578-0102) if you would like to meet me over at the model home to take a look at the community. | |
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Updates sales trends on HarrisonburgTownhouses.com |
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 HarrisonburgTownhouses.com has been updated with sales data from 2013-Q4, and many townhouse communities are (finally) starting to see median prices increase again. So, are you wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
The townhouse communities featured on HarrisonburgTownhouses.com include:
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Townes at Bluestone selling quickly |
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 If you were hoping to buy a townhouse at The Townes at Bluestone, act quickly! There is one remaining building in Section One, with seven townhouses. Of those seven....
Click here to view the available townhouses, floor plans, standard features, or photos of the new model home at The Townes at Bluestone. Why are these townhouses selling so rapidly?
Let me know if you'd like to take a peek at the new model home at The Townes. Just call me 540-578-0102 or send me an email: scott@HarrisonburgHousingToday.com. | |
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Updates sales trends on HarrisonburgTownhouses.com |
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 HarrisonburgTownhouses.com has been updated with sales data from 2013-Q3, and many townhouse communities are (finally) starting to see median prices increase again. So, are you wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
The townhouse communities featured on HarrisonburgTownhouses.com include:
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Review Restrictive Covenants Before Buying A Home |
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Some property owners associations and neighborhoods are more (or less) strict about the enforcement of their restrictive covenants than others. Click here to read a story from yesterday's Daily News Record about townhouse owners in Harrisonburg that are being asked to remove a Marine Corp garden flag from in front of their home because of their restrictive covenants. You can find Restrictive Covenants for most of Harrisonburg's townhouse communities on HarrisonburgTownhouses.com.
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HarrisonburgTownhouses.com updated with 2013-Q2 sales data |
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 HarrisonburgTownhouses.com has been updated with sales data from 2013-Q2, and many townhouse communities are (finally) starting to see median prices increase again. So, are you wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
The townhouse communities featured on HarrisonburgTownhouses.com include:
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Last chance to customize a Liberty Square II townhouse! |
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 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! | |
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HarrisonburgTownhouses.com updated with 2013-Q1 sales data |
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 Wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
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Only (4) Liberty Square II townhomes remain.... |
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 Constructing is coming to close in some of the most recently built townhome communities in Harrisonburg, such as Liberty Square II. As indicated above, only four townhouses are left for sale, and they are all current under construction. View: Pricing | 3 BR floor plan | 2 BR floor plan Let me know if you are interested in purchasing a townhome at Liberty Square II. | |
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HarrisonburgTownhouses.com updated with 2012 sales data |
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 Wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
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Townhouse sales pick up pace, prices still declining |
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 After a massive decline in townhouse sales (644 sales in 2005 down to only 168 sales in 2011) the pace of townhouse sales finally increased (+32%) in 2012. Despite more townhouse buyers being in the market in 2012, prices declined further (-6%) down to a median sales price of $134,995. A few notes as you ponder this data:
If you are looking to buy a townhouse, there is a great opportunity right now with room to negotiate on many prices. If you are looking to sell a townhouse, be realistic about pricing, market your property thoroughly, and be willing to consider leasing your property instead if it comes down to that. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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