Employment Growth, Not Just Population Growth, Is A Leading Cause Of Local Housing Inventory Shortages


Employment Growth, Not Just Population Growth, Is A Leading Cause Of Local Housing Inventory Shortages
By Scott Rogers • May 1, 2023
In conversation with a friend a few weeks ago, he commented that we wouldn't have as much of a shortage of housing inventory if there weren't so many people moving to the Harrisonburg area. I agree... that the housing inventory shortage is a result of more people wanting to live in this area than there is housing to support them... but... With some exceptions, many or most of the people moving to the Harrisonburg area are doing so because they got a job in the area. Merck, Sentara, four local colleges, and many other small, medium and large employers are continuing to bring new jobs to this area. So, if you were really dead set on solving the housing shortage by convincing people not to move here... you'd probably have to convince employers to stop hiring employees. :-) As a growing community, HOW we grow can be one of the most controversial topics up for debate in various circles within the community. Are we growing too quickly? Are we building the right sorts of housing? Are we building housing in the right locations? Are the right sorts of jobs coming to the area? Are we overwhelming our school systems with population growth? How can we keep real estate tax rates under control despite needing to provide services to an expanding population? This is just the tip of the iceberg as far as the questions people ponder as they think about growth in the Harrisonburg area -- and most of them are very subjective questions -- there is not a single correct or best answer. I'm glad to have been living in Harrisonburg for the past 27 years... and I have enjoyed seeing the growth in this area... but I do recognize that it does create some unintended consequences along the way. 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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