Scott P. Rogers
Funkhouser Real Estate Group
540-578-0102  •  email
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Wednesday, January 6, 2010
Yesterday's Daily News Record featured an article on the short term rental situation at Massanutten Resort.  The latest update is that:

"The Rockingham County Planning Commission is scheduled to continue a hearing it began in November about a zoning ordinance amendment, which, if approved by the Board of Supervisors, will allow the rentals and, in theory, end the debate."


It has been an interesting four years (wow --- four years) that this debate has been going on, and it made me stop to think about the state of the Massanutten Resort housing market.  Below is a brief summary of changes in that market over the past four years, within the context of the Harrisonburg and Rockingham County housing market as a whole.

Sales in Massanutten

As can be seen above, Massanutten has seen a steady decline in the number of home sales taking place in each of the past four years.  That said, the Harrisonburg and Rockingham County market have seen a very similar decline.  The only deviation here is that the Massanutten market continued to decline rather significantly (35% drop) between 2008 and 2009 while the rate of decline slowed down somewhat in the Harrisonburg and Rockingham County market as a whole (13% drop).

Prices in Massanutten

The graph above shows changes in the median sales price of homes in the Massanutten Resort market as compared to changes in median sales price for the market as a whole.  The difference is staggering!  Harrisonburg and Rockingham County have seen a median sales price decline of 3.4% over the past four years. During the same time period, Massanutten Resort has suffered a 16% decline in median sales price.

It's impossible to know how much of a correlation exists between the soft Massanutten Resort market and the short term rental issue, but I believe this issue has certainly played some role in the changes depicted above.


Also . . . enjoy the second edition of Harrisonburg Real Estate Radio:

Assessments via Harrisonburg Real Estate Radio  [11:55]


Other recent podcasts: Home Inspections