Historical Building Permit Trends in Harrisonburg and Rockingham County


Historical Building Permit Trends in Harrisonburg and Rockingham County
By Scott Rogers • July 18, 2011
A 20 year history of single family home building permits in Harrisonburg and Rockingham County (shown above) reveals that much of the new home construction is market driven. The past twenty years can be summarized in four main stages: Gradual, but uneven growth (1990-2002) -- building permits increased some years, and declined some years, but increased overall, as employment opportunities and the population increased in the central Shenandoah Valley Rapid expansion (2002-2005) -- new construction boomed, in tandem with the housing market, and median home prices Rapid correction (2005-2008) -- new home construction levels dropped quickly, well below historical trends Continued, gradual correction (2008-2010) -- new home construction slowed to the lowest level in 20 years but at a slower pace The good news for builders and developers is that current levels of new home construction are below historical trends in Harrisonburg and Rockingham County. Eventually, new home construction will increase in pace again. The bad news is that it is going to take some time for the new home market to fully recover -- and the process is slowed down by foreclosures, and high inventory levels. One last hope for good news is that (locally) the foreclosure rate and inventory levels are both on the decline! Data Source: Weldon Cooper Center 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 21, 2024 (unless otherwise noted).
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