Why Are Housing Inventory Levels So Low In Harrisonburg And Rockingham County?


Why Are Housing Inventory Levels So Low In Harrisonburg And Rockingham County?
By Scott Rogers • March 29, 2023
First, Harrisonburg is a popular place to live. Beyond everyone who is living here now, we continue to see new folks planning to make Harrisonburg their home, including but not limited to... recent graduates of JMU, EMU or Bridgewater College new employees of JMU, Sentara RMH, Merck and other large (or small) employers in our area parents of local college graduates who are retiring to this area to be closer to kids and grandkids retirees from urban areas within a few hour radius looking to relocate to a smaller, but vibrant college town So, lots of people want to make Harrisonburg their home. Second, I think that more people are moving to Harrisonburg than new housing units are being built. If over a five year period, 5000 new people decided to make Harrisonburg their home, we wouldn't see a change in availability of housing if we also saw 5000 new housing units built. I think that the amount of new moving to (or attempting to move to) Harriosnburg over the past 5 to 10 years has exceeded the number of new housing units built during that same timeframe. Third, I think there is an imperfect match between what home buyers want to buy and new housing units that are being built. First of all, plenty of the new housing units that have been built over the past ten years have been rentals - apartments or otherwise - which hasn't helped provide housing for would be home buyers at all. Furthermore, the "for sale" housing that is being built in this area certainly meets the needs of some buyers, but probably not most or all buyers. If you're hoping to buy a home that is within the location, size parameters and price parameters of one of our area's new home communities -- great, you'll be in good shape! If what you are hoping to buy is not the type / size / price of new homes being built in our area, then the new housing units being built don't help you out at all. As such... the popularity of Harrisonburg and the rate at which new housing units are being built, and the type of housing units being built all contribute to a shortage of housing inventory for many price ranges and property types. Receive Updates by Email Recent Articles: Improving Your Home Might Make More Sense Than Selling And Buying Buying A Home In Harrisonburg When You Do Not Yet Live Here Is Particularly Difficult Right Now An Absence Of Competing Listings In A Broad Price Range Does Not Mean You Can (Or Should) Round Your List Price Up To The Top Of That Range The First Buyer To Make An Offer Will Likely Not Include An Escalation Clause, At Least Not At First Home Buyers Seem To Be Drawing The Line In A More Rational Place Now When Making Offers Buy A House For Yourself, Not The Next Owner Home Sellers Will Not Voluntarily Sell Their Homes For Lower Prices Because Of Higher Interest Rates Unless Competition Forces Them To Do So Homes Are Still Selling Quickly, So You Should Know (Or Think About) Where You Are Going Next Before You List Your Home For Sale Are You Ready To Sell Your Rental Property? Should We Let Buyers View Your Home Before It Hits The Market?
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through May 31, 2023 (unless otherwise noted).
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