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
Monday, April 5, 2021
Camden Townes is a rental community on Port Republic Road within walking distance to the JMU campus. This community has historically been a student housing community and my understanding is that it is still primarily, but not entirely, students living in these properties.
As shown above, the values at Camden Townes have been skyrocketing over the past several years. A few benchmarks...
- 2001 = median sales price of $54,400
- 2008 = median sales price of $145,000 (new high)
- 2010 = median sales price of $65,000 (55% drop in 2 years)
- 2020 = median sales price of $149,900 (130% rise over 10 years)
- 2021 = median sales price of $163,000 (high of $172K)
I suspect many factors likely affect the values in this mostly-student housing community...
- the overall economy and housing market
- rental rates in the community
- vacancy rates in the community
- when new competing student housing communities are built
As to what values will be in Camden Townes in 2022 or 2023 or 2024 -- it's hard to say based on the turbulent past of values in this community.
I suppose a counter-narrative to the "who knows" perspective would be that values have mostly always gone up except during the 2006-2010 housing boom and bust?
