Massanutten
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1,880 New Housing Units Approved At Massanutten Resort |
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 Last week the Rockingham County Board of Supervisors approved three rezoning requests from Great Eastern Resort Corporation that provides a roadmap for expanded development of Massanutten Resort over the next 15 to 20 years. As far as I can tell from reading through the rezoning request, this will amount to approximately 1,880 new residential units. Read on for an overview of the three rezoning requests.  Rezoning #1 A total of 224.6 acres is now zoned R-4 (Planned Resort District) including the existing 67.3 acres of the Massanutten Station Master Plan, plus 80.1 acres of the Water Park Master Plan, along with 80 acres that were zoned A-2. This rezoning will allow for 1,255 residential units of various types including single family detached, duplexes, rowhouses and apartments. Of the 1,255 residential units, 250 will be timeshare units, 250 will be hotel/apartment units, 230 will be age-restricted and 100 will be hotel units.  Rezoning #2 A total of 429.5 acres in the Woodstone Meadows Master Plan was zoned R-5 and is still zoned R-5 but the master plan has been updated. This 429.5 acre master plan includes 1,700 timeshares.  Rezoning #3 A total of 197.3 acres is now zoned R-5 to allow for 625 residential units with a mix of single-family detached, duplexes, rowhouses and apartments, all of which will be age-restricted to full-time residents who are 55 years old or older. Click on any plat above for a higher resolution version of the file and download the entire Board of Supervisor's packet here. | |
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Massanutten Resort Home Sales Up 34%, Prices Up 17% in 2021 |
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 If there is one micro market that has outperformed the overall market in the Harrisonburg and Rockingham County area -- it's Massanutten Resort. Likely fueled by lots of buyers looking to purchase a vacation home or a short term rental, the home sales market in Massanutten Resort has seen some big changes in 2022. Home sales rose 34% in 2021 -- increasing from 71 sales in 2020 to 95 sales in 2021. The median sales price of homes sold in Massanutten Resort rose 17% in 2021 -- increasing from $285,111 in 2020 to $334,500 in 2021.  If you're looking to buy in Massanutten Resort, you'll likely have more competition than ever from other home buyers, and you will be paying a higher price than you would have over the past few years. If you are looking to sell in Massanutten Resort, you'll likely enjoy the strong seller's market and find yourself selling for a favorable sales price. Explore recent home sales in Massanutten Resort here. | |
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Do Home Sales in Massanutten Resort Increase In The Fall |
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 It turns out that leaves aren't the only thing falling in Massanutten in the Autumn months -- home sales are also falling -- though only slightly. The analysis above is to answer the question of one of my clients who had heard that home sales usually show a strong up tick in the Fall at Massanutten Resort. The data above is showing the average number of contracts signed per month over the past three years. Here's what I'm finding:
Every year is certainly going to be different, but it would seem that the only up tick seen in Massanutten home sales in the Fall is when comparing that contract activity to the typically slow pace of buyer activity in August. | |
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Massanutten Resort Real Estate Market Update |
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 Let's take a look at how home sales have been trending at Massanutten Resort in recent years....  As shown above, home sales have been increasing at Massanutten Resort over the past five years, with the exception of a small decline in 2015. Of note -- there have already (as of 9/28/2016) been 52 home sales in 2016 -- so we are likely to see more home sales this year in Massanutten Resort than in any of the previous five years. The 64 home sales shown above for 2016 are an estimate based on year-to-date home sales (52) and the timing of sales in 2015.  Value trends over time at Massanutten Resort don't paint quite as clear of a picture, but it can certainly be said that home values have been, generally speaking, increasing over the past 5 - 6 years. Values dipped down a bit more than expected in 2014, jumped up a bit more than expected in 2015, and are where we might have otherwise expected them to be in 2016 if we hadn't had that odd low and odd high. This is a relatively small data set (40 - 60 home sales) which can cause some irregularities in value trends. You can find homes currently for sale in Massanutten Resort here. Let me know if you have any questions about the Massanutten Resort real estate market! | |
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The brand new Massanutten Bike Park is fantastic! |
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 A brand new bike park with a lift system recently opened at Massanutten Resort, and Luke and I decided to go check out this past weekend. It was a blast! Admittedly, Luke crashed on his first run, sliding off of the side of a trail and tumbled down a rocky embankment (or a cliff, as the story is told) but he didn't break any bones and we had multiple successful runs later in the day, even if at a more moderate speed. There are a variety of trails for different skill levels, and one of the most enjoyable aspects is that the ski lift will carry your bike up the mountain for you to start each run....  Read more about the new bike park via this Daily News Record article, a few excerpts of which are below.... The park features six trails along four levels of difficulties. Five are open for use and the sixth should be finished by the end of August, said Kenny Hess, Massanutten's director of sports and risk management.I expect that Luke and I will be going back again soon for another afternoon of biking and I encourage you to check it out as well. Plan your visit to the Massanutten Bike Park by checking out their hours, rates, etc. here. | |
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Home Sales Profile of Massanutten Resort |
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Looking to purchase a home in Massanutten Resort? Understand the market first!  As shown above, there has been quite a bit more recovery of the Massanutten Resort market over the past five years than the overall housing market (Harrisonburg & Rockingham County). While City/County home sales may not hit 2013 levels this year, it appears that Massanutten Resort home sales will fly past last year's sales levels.  Despite increases in sales volume over the past several years at Massanutten Resort, home prices have not been faring as well. There has been an increase in the overall City/County median sales price over the past year, but no so in Massanutten Resort. Interested in learning more about the Massanutten Resort housing market? Feel free to email me with questions, or explore homes currently for sale in Massanutten Resort. | |
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The State Of The Massanutten Resort Real Estate Market |
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 As can be seen above, the pace of sales has recovered more quickly at Massanutten Resor than in our overall market.
While prices have fallen significantly over the past six years at Massanutten Resort (-26%) as compared to the overall market (-9%) the improvement over the past two years has been more rapid at Massanutten Resort (+4%) than in the overall market (-3%). The significant declines in price (-28%) and sales pace (-48%) at Massanutten Resort between 2006 and 2010 were likely due to the significant decline in second home purchases as housing markets softened across the nation. I believe we will see continued recovery in the Massanutten Resort market over the next few years, though it might be many years before we return to median prices as high as we experienced in 2006. | |
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
Licensed in the
Commonwealth of Virginia
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