Do Townhomes in Harrisonburg Hold Their Value?


Do Townhomes in Harrisonburg Hold Their Value?
By Scott Rogers • November 17, 2009
This is a fascinating question, asked by a potential townhouse buyer who is concerned that townhouse values might be more volatile than single family homes because there have been so many townhouses built in the Harrisonburg area over the past several years. Here is my best attempt at evaluating how townhouses in Harrisonburg hold their value compared to single family home . . . Most of the new townhome communities in and around Harrisonburg have been built during the past six years, so I began by comparing how the median price of townhomes changed over the past six years (2003-2009) as compared to the median price of single family homes. I found that townhomes increased in value by 51% during this time period, while single family homes only increased in value by 42%. Next, I thought it might be interesting to see how each property type has fared in the most recent three years (2006-2009) in a tough market with very little price appreciation. Comparing median price changes between 2006 and 2009, I found that townhomes increased in value by 1% during this time period, while single family homes LOST 8% in value. Finally, just for good measure, I thought I'd stretch back even further and look at how the median prices of townhomes have changed over the past nine years (2000-2009) as compared to single family homes. I found that townhomes increased in value by 83% during this time period, while single family homes only increased in value by 70%. Having examined value trends in a 3-year, 6-year and 9-year window, I'm quite comfortable asserting that townhomes grow in value, and maintain their value better than single family homes. Or, at least, they have in Harrisonburg and Rockingham County for the first nine years of this decade! Median price data source: October 2009 Harrisonburg & Rockingham County Real Estate Market Report 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 23, 2024 (unless otherwise noted).
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