Is Harrisonburg Insulated From National Economic Conditions?


Is Harrisonburg Insulated From National Economic Conditions?
By Scott Rogers • July 16, 2009
Yes and no. I am participating in an economic survey group striving to create a true picture of the impact of the national economy on our region. In our first meeting yesterday, we discussed our local economy as it pertains to retail sales, manufacturing, farming, construction, and many other sectors. The participants included chambers of commerce, representatives from employment commissions up and down the valley, and many other perspectives on our Valley economy. After hearing some not-so-great news followed by some so-so news, followed by some plain-old-depressing news, one participant commented that it sounded like our local economy wasn't really as sheltered as some consider it to be. I quickly jumped in to clarify that (as it pertains to real estate) we are definitely affected by the national economy, but also significantly insulated from the effects that it has had in other areas. Take these two facts, for example: The number of homes selling in Harrisonburg & Rockingham County have slipped 25% (+/-) each of the last 3 years. That is clear evidence that national economic conditions and events are affecting our local real estate market. Median home values have increased or decreased 1% - 3% each of the last three years. That is clear evidence that our local real estate market is also somewhat insulated from national economic conditions and events, as most other markets have seen 15%, 25%, 35% or higher losses in median home values. So --- are things bad? Yes, but they are nowhere near as bad as things are in most other areas of the country, even as close as communities such as Winchester. Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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 22, 2024 (unless otherwise noted).
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