New Construction Price Per Square Foot Trends in Harrisonburg and Rockingham County


New Construction Price Per Square Foot Trends in Harrisonburg and Rockingham County
By Scott Rogers • June 3, 2009
For some time I have been tracking price per square foot trends for all single family homes in Harrisonburg and Rockingham County. These appear in my monthly market report, and show a median price per square foot of $80/sf back in 2002, a high of $131/sf in 2006 and a current value of $123/sf. In talking to a potential developer last week, he inquired about price per square foot trends for new construction. This isn't an easy thing to calculate, for several reasons: We don't have a consistently used "New Construction" field in our MLS. Single family homes built on larger parcels would inflate the median price per square foot Finished and unfinished basement square footage can muddy the waters. We devised a plan to account for two of these three challenges. First, I would search in any given year for homes reported as being built that year or the year prior (for 2003 homes, I'd look for 2003 closings where the home was reported as being built in 2002 or 2003). I'd also limit the search to homes built on lots of one acre or less to remove the value of the land as a significant factor. Below you will see the results, with a starting value of $99/sf in 2002, a high of $150/sf in 2006, and a current value of $140/sf. I also graphed the number of applicable home sales in each year since 2002 to put the market into perspective. Click here, or on the image above, for a clearer PDF version of this graph. Closing thoughts: This represents all single family homes, regardless of size or location. If you're pricing a new construction home to sell, you'll need a more specific analysis to address your level of construction quality, the location of the building lot, etc. If you are evaluating a builder's proposal, please bear in mind that these figures are based on homes sold as total packages, thus including water/sewer/well/septic, driveways, sidewalks, etc. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
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 Nov 25, 2024 (unless otherwise noted).
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