Update On City Of Harrisonburg Townhouse Market


Update On City Of Harrisonburg Townhouse Market
By Scott Rogers • November 30, 2023
The median sales price of city townhouses has increased from $220,000 last year to $235,000 this year. The graph above shows the median sales price in several of Harrisonburg's townhouse communities. Whatâ€™s Next For The Harrisonburg Townhouse Market? CONTINUED LOW SALES LEVELS - After 163 city townhouse sales in 2022 we have only seen 90 sales thus far in 2023. If we add on the seven under contract townhouses, we might get to 97 city townhouse sales in 2023 which would be a 40% decline in the number of townhouses sold in 2023. I expect we will see a similar number of city townhouse sales in 2024 unless we see a builder breaking ground on a new townhouse community in the city. HIGHER PRICES THAN LAST YEAR - The median sales price of city townhouses has risen 7% over the past year, despite much higher mortgage interest rates. I expect that we will continue to see increases in the median sales price of city townhouses - but those price increases might slow in 2024. WILL YOU SELL YOUR TOWNHOUSE THIS YEAR? - If you are thinking about selling your townhouse we should start by looking a bit more closely at the specific townhouse sales in your neighborhood - and then we should evaluate any improvements you might make to your townhouse before selling it. TOUCH BASE ANYTIME - If I can be of any help - with selling your townhouse, answering questions about the market, etc. - feel free to reach out anytime. 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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