Last week I spent some time discussing the market need that I perceive for mid sized detached homes in or near the City of Harrisonburg.  I went further, to suggest that these might be 1750 - 2150 SF homes for less than $300K.

Thinking further about it over the weekend, I think it is important to note that there are actually SOME homes being built that meet these criteria.  Below are the three homes that sold with these specs thus far in 2017....



1240 Cottage Lane (just outside Harrisonburg)
3 BR / 2.5 BA / 2336 SF / $275,230



246 Dylan Circle (Bridgewater)
4 BR / 2.5 BA / 1818 SF / $247,000

[no photo available]

395 Acme Company Street (Broadway)
3 BR / 2.5 BA / 2257 SF / $277,000

And if we relax the criteria a bit, down to 1600 SF, we pick up a few more....



365 Coyote Run (Broadway)
3 BR / 2 BA / 1600 SF / $$222,500



2587 Calico Drive (Broadway)
3 BR / 2.5 BA / 1639 SF / 5 Acres / $249,100



190 Grouse Drive (Massanutten)
3 BR / 2 BA / 1700 SF / $287,500

So, clearly, none in Harrisonburg proper, and most quite a ways from Harrisonburg -- and most importantly, VERY FEW homes at all that are being built and sold in this price range (under $300K) with these specs (1600+ or 1750+ SF).

Switching, then, to what is currently available -- we find three options under $300K with 1750+ SF for buyers currently in the market....



265 Dylan Circle (Bridgewater)
4 BR / 2.5 BA / 1808 SF / $246,900



4150 Tanners Court (just outside Harrisonburg)
3 BR / 2 BA / 1830 SF / $279,900



1250 Cottage Lane (just outside Harrisonburg)
4 BR / 2.5 BA / 2266 SF / $299,400

So, indeed, extremely limited options for new homes under $300K with 1750+ square feet in or near Harrisonburg. This brings me back to my same conclusions as I mentioned last week, and I'll mention again here....

• There would seem to be many buyers who would be interested in mid sized single family homes.
   
  
• Mid sized single family homes are not (in any significant number) being built.
   
  
• Because of land, development and building costs, It may not be possible to build mid sized single family homes at prices that would appeal to the buyers who want the homes.
   
  
• Our market presents a unique opportunity to a land owner / developer / builder (be that one, two or three different people) who can figure out to bring this type of product to market at a price that will work for the buyers who want the homes.

I'll move on to new topics now, but I'll be curious to see if we see any new builders in the area in 2018 -- or current builders building new products in 2018 -- to meet this market demand.