Townhomes
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Why Has The Median Sales Price Of Attached Homes Increased 20% In A Year? |
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 Spoiler alert - I have no concrete answers to the question above. :-) The median sales price of attached homes (duplexes, townhomes, condos) was $247,565 in 2022. Thus far in 2023, the median sales price is $296,990. This marks a 20% increase in the median sales price of attached homes over the past year. How could this be? The overall median sales price in our market (detached homes and attached homes) has risen 10% in that same timeframe -- so why has the median sales price of attached homes risen 20% rather than 10%? My theory - which I have now proven to be wrong - was that the median sales price was rising because we were seeing more new attached homes selling in 2023 at higher prices, causing the median sales price to rise. Certainly, if 20% of attached homes were new homes in 2022 and 40% were new homes in 2023 then it would not be surprising to see the median sales price rise since the prices of new homes are almost always higher than the prices of resale homes. But, here's what the data actually shows...  So, again, comparing attached home sales in 2022 and 2023... 2022 - median sales price of $247,565 with 40% being new homes 2023 - median sales price of $296,990 with 34% being new homes So, it seems we can't necessarily attribute the unexpectedly high (20%) increase in the median sales price of attached homes in 2023 to a larger portion of those home sales being new homes. Darn. Theory #1 has been refuted. Anyone have any other theories? | |
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Upscale Townhouses And A Playground (!!) Under Construction At Congers Creek |
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 If you've drive by Congers Creek lately, on Boyers Road across from Sentara RMH Medical Center, you may have noticed lots of townhouses under construction. But if you drive a bit further back into this new townhome community, you'll find a playground under construction! This playground is the latest amenity at Congers Creek, beyond those in Phase One including a pavilion, basketball court, grills and a fire pit. Below is an updated aerial photo of the townhomes being built in Phase Two, as well as a rendering of the design for the playground that is currently being built.   Find out more about currently available townhouses at Congers Creek here. | |
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City Townhouse Sales Prices Increase 34% Over Four Years |
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 Townhouse values in the City of Harrisonburg have certainly increased rather quickly over the past few years... As shown above, we have seen a 4% to 11% increase in median sales prices for each of the past four years. There has been an overall 34% increase in the median sales price since 2018. If you happened to buy a townhouse a few years ago, you'll likely be in great shape if you're selling now or soon! Also helping this segment of our local housing market is that most new townhouses are now in the $250K+ price range. | |
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There Is Currently Only ONE Townhouse For Sale in the City of Harrisonburg!? |
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 Yes, it can be done... ...you can buy a townhouse in the City of Harrisonburg... ...but it's much more difficult now than it was in the past! Townhouses Sales in 2021 in the City of Harrisonburg = 195 Townhouses Under Contract Today in the City of Harrisonburg = 16 Townhouses Currently Available For Sale in the City of Harrisonburg = 1 I should also point out that the median sales price of townhouses in the City of Harrisonburg in 2021 was $194,900 -- up from $185,000 in 2020 -- and up from $166,000 in 2019. So, yes, you can buy a townhouse in the City of Harrisonburg, but you'll need to be ready to act quickly when one hits the market as they don't stick around long. The median "days on market" for the 195 townhomes sold in 2021 was only four days! | |
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Perhaps This Would Be A Good Time To Sell Your Taylor Spring Townhome? |
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 If you own a townhome in the Taylor Spring neighborhood -- or actually, in most townhome neighborhoods -- this could be a fantastic time to sell it. You have likely seen a $21K increase in its value over the past year, and a $34K increase in value over the past two years and a $40K increase in value over the past three years! Wow! Buyers are paying more (and more and more) for townhomes these days -- which can make it an ideal time to sell such a property if you own one. With two important caveats, of course... [1] If you own a Taylor Spring townhome and live in it, we'll need to make sure we have a plan in place for where you will buy after you sell. [2] If you own a Taylor Spring townhome and are renting it out, you'll want to consider the tax consequences of selling the property and whether you would want to roll the proceeds into the purchase of a different property. Townhomes have seen steady increases in their market value over the past few years, so if you own one and are thinking of selling it, this could be an ideal time to move forward with that plan! You can explore Taylor Spring townhome value trends here and explore value trends in most of our area's townhome communities here. | |
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Townhouses in Phase 2 of The Townes at Congers Creek Now Available For Purchase |
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 The Townes at Congers Creek is a new townhouse development located in Rockingham County, across Boyers Road from Sentara RMH Medical Center. The first phase of the development included 26 townhouses, all of which are under contract or sold. A second phase of townhouses is now under development that will include 133 more townhouses in a few different styles...  view a larger plat here The three styles of townhouses will include...
You can find pricing, availability, a site plan, standard features, available upgrades and more at CongersCreek.com. The first (10) townhouses at Congers Creek hit the market yesterday and it seems likely that (5) of those will be under contract by the end of the weekend. You can also email me with any questions you might have, as I am the Realtor representing the builder/developer. | |
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22 Townhouses Proposed For Suter Street In Harrisonburg |
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 A property owner on Suter Street, in the City of Harrisonburg, is proposing to build 22 townhouses on a 2.03 acre parcel of land zoned R-2. The City of Harrisonburg Planning Commission will review this requested rezoning (R-2 to R-8C) on August 11, 2021. City staff recommends that this rezoning be approved. The owner of the property, Philip Yutzy, purchased the two acre tract of land and wants to develop the property into "an attractive family oriented neighborhood" with primarily duplexes and one triplex. The owner sites a lack of "affordable housing" and they plan to address it by building these townhomes to be priced between $200K and $270K. They anticipate that families earning $40K - $60K would be able to purchase these homes. Read all about this proposal in the City Planning Commission's packet here. | |
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Yes, We Need More Townhouses To Be Built! |
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 When you see more townhouses being built -- or when you see plans being discussed for more townhouses to be built -- you might be thinking... What!? More townhouses!? Don't we have enough townhouses!? But if you ask nearly any local Realtor who has represented the seller of a townhouse in or near Harrisonburg in 2021 they will tell you... Yes, We Need More Townhouses To Be Built! Whenever a resale townhouse comes on the market it is almost always overwhelmed with showings in the first few days on the market -- and then the offers start coming in, fast and furious. Buyers are offering over asking price. Buyers are waiving inspection contingencies. Buyers are desperate to find a townhouse to buy. But yet, when there are 12 offers on a townhouse, the seller is only able to accept one of those offers. As a result, there are still 11 would-be townhouse buyers circling the market waiting on that next townhouse to become available. As quickly becomes evident, demand for townhouses FAR exceeds supply -- so... Yes, More Townhouses Need To Be Built! If I dialed in a bit further on this issue, I suppose I should point out that...
So, while it would be great to continue to see options over $250K, it would also be amazing to see new townhouse options much closer to $200K. | |
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Tips For Would Be Townhouse Buyers In A SUPER Competitive Market |
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 Townhouses are selling QUICKLY in and around Harrisonburg. It is not uncommon for reasonably priced townhouses to have 5 to 10 offers within 48 hours of being listed for sale.
I suppose one critical aspect that I did not list above would be to hire a buyer's agent to represent you in finding, pursuing and purchasing your townhome. I'd suggest you select someone who is highly responsive, professional and knowledgeable about the market. Happy townhouse shopping! | |
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All Of The Developments On Boyers Road |
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 Have you heard about that new development on Boyers Road? There are quite a few of them!
Those are all of the major developments I'm aware of along Boyers Road - but who knows what else is to come along this increasingly busy corridor! | |
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This Could Be A Good Time To Sell A Townhouse Under $200K, Built Since 2000, In The City of Harrisonburg |
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 If you have a townhouse to sell in the City of Harrisonburg, built in the past 20 years, that would be priced under $200K, this may be an excellent time to sell it. Here's why... Over the past three months, there have been (15) sales of such townhouses -- so, around (5) buyers per month are buying townhouses built in the past 20 years, priced under $200K in the City of Harrisonburg. Not surprisingly, then, there are (9) such townhouses currently under contract. But wait, what!? There is only (1) single solitary townhouse for sale in the City of Harrisonburg under $200K right now that was built in the past 20 years. So -- if you own a townhome in Avalon Woods, Beacon Hill, Harmony Heights, Liberty Square, etc. -- this might be an excellent time to sell. Email me to chat about your townhouse and its value in the current market. | |
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Finding Townhouses For Sale In and Around Harrisonburg |
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 It can be hard to find a townhouse for sale these days -- many of them are under contract within days or even hours of being listed for sale. So if you are a buyer looking to purchase a townhouse in or near Harrisonburg -- you should start thinking about the process sooner rather than later. Some first steps...
And here are a few resources you might find helpful...
Let me know if I can be of assistance to you as you start the search for the townhouse you hope to purchase in or around Harrisonburg. | |
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Tips For Townhouse Buyers In A Competitive Market |
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 Over the past few months I have listed several townhouses for sale that went under contract quickly after a LOT of showings in a very short timeframe. For one such recent property there were six offers within 48 hours. One of the things that struck me as we worked through that process was that there were five other buyers who really (!!) wanted to buy that townhouse and couldn't -- because there was only one townhouse to be purchased. As such, I feel bad for townhouse buyers in the current market. Townhouse buyers have a LOT of competition and I can imagine a single buyer making an offer on multiple townhouses and missing out every time. So, a few tips for would be townhome buyers...
I suppose one critical aspect that I did not list above would be to hire a buyer's agent to represent you in finding, pursuing and purchasing your townhome. I'd suggest you select someone who is highly responsive, professional and knowledgeable about the market. Happy townhouse shopping! (Or may it just not be too unbearably difficult, frustrating and tiring.) | |
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City Townhouses Are Selling QUICKLY! |
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 Townhouses in the City of Harrisonburg are selling QUICKLY! The "Days On Market" referenced above is the number of days between when a property is listed for sale and when it goes under contract. Just three years ago, the median days on market was 24 days - which means that half of the townhouses that sold went under contract in fewer than 24 days, and half took longer than 24 days. But now, the median days on market has dropped down to just FIVE days in 2020. Oftentimes, sellers of townhouses who want to buy a single family home are worried that they won't be able to sell their townhouse quickly enough to then make an offer on the house they want to purchase - this should be at least somewhat less of a concern now given the speed at which townhouses are going under contract! | |
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Should You List Your Rental Property For Sale For One Month Between Tenants? |
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 Depending on your short and long term financial goals - yes, it may be an excellent idea in the current market to do just that - list your rental property for sale for one month between tenants... In a recent conversation with the owner of a rental property, they were reflecting on the fact that after a tenant recently vacated their rental property (a townhouse) they were making quite a few updates and improvements to the townhouse based on some aging components and finishes in the property. They realized that the townhouse would be in better shape than it had been for years -- and that the condition would likely start to deteriorate (even if just a bit) as soon as they moved tenants back in. So, they wondered whether they should go ahead and just sell the townhouse instead of renting it again -- since it would be in great shape. But they lamented the fact that they'd need to keep it off the rental market for several months to see if it would sell at a price that would suit their financial goals - in other words, a sales price whereby it would make more sense for them to sell it than to continue to rent it. Here are a few thoughts I shared with this owner of an investment property...
So - here's an idea, if you own an investment property and you are about to have a tenant move out and you are about to make some improvements to the townhouse... Move the tenant out. Make the improvements. List the townhouse for sale for one month at a price for which you'd be happy to sell instead of continuing to rent the property -- so long as that value is generally in line with recent sales prices for similar townhouses. With this concept you don't have to commit to listing the property for six months, missing out on rental income, etc. -- but you can quickly determine if you could sell the townhouse while it is at its peak (from a condition perspective) at a price that would make it worthwhile for you to do so. OK - that was a lot. I'd be happy to talk it all through with you as well - in person, by email, by phone, etc. If you own a rental property and *might* want to sell it soon - be in touch (scott@hhtdy.com or 540-578-0102) and let's talk strategy... | |
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Would Be City Townhouse Buyers Finding Few Options |
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 Some time ago, I created a website (HarrisonburgTownhouses.com) for exploring townhouse communities in and around Harrisonburg, Virginia. This allows you to explore sales trends, value trends, see recent sales, current listings, etc. So -- feel free to explore the website -- but don't expect to find many townhouses listed for sale. If you were a buyer looking to buy a townhouse, built in the past 10 years, you'd have some difficulty. Current inventory (as of 1/8/2019) includes:
So - as excited as a first time buyer might be to purchase a townhouse in the City of Harrisonburg - they will find that they have very (!!) limited options right now. | |
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Townhouse Sales Trends in Harrisonburg and Surrounding Areas |
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 This is a somewhat limited analysis, but I think it can be helpful to understand what we're seeing in changes in demand for new-ish townhouses in the City of Harrisonburg and just surrounding. The analysis above includes the following townhouse developments of properties built since 2000:
As shown on the chart, there are an increasing number of sales happening in these developments (88 sales in 2018 is for the first eight months of the year) and the median sales price is rising -- more quickly now than a few years ago. I expect sales of this type of townhouse to continue to be strong over the next few years -- though if we see a large number of new construction townhouse developments coming online it could affect the pace of sales in resale townhouse developments. | |
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Bidding Wars over City Townhouses |
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 The last few townhouses listed for sale in the City of Harrisonburg (under $175K, built since 2000) have gone under contract QUICKLY -- with multiple offers. So far, we have not seen a wild uptick in median prices of townhouses based on this excessive demand (and limited supply) but we could start to see that at some point.... Median Townhouse/Condo Sales Price in Harrisonburg and Rockingham County:
If you are fortunate enough to own one of these -- and be in the market to sell it -- you should not have difficulty in securing a buyer. If you are unfortunate enough to want to buy one of these -- bid early, bid aggressively, and if you keep missing out on properties, be prepared to bid often. | |
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Zero City Townhomes For Sale, Without Tenants, Built in the Past 10 Years |
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Well -- I was going to remind you of this great web site or exploring our local townhouse communities where you might consider purchasing a home or investment property.... HarrisonburgTownhouses.com And then, in the process of poking around to see what types of townhouses are currently on the market, I discovered that.... There are ZERO (zip, zilch, nada) townhouses currently for sale in the City of Harrisonburg, that exist (not "to be built") that have been built in the past 10 years, that do not have a tenant living in them. That long sentence might make it seem like I am looking for a very narrow category or properties -- but I don't think I am. If a buyer wanted to buy a City townhome built in the past 10 years, and close on their purchase in the next two months, they would need the townhouse to already exist (not something that requires another 4 - 5 months of construction) and they would need the townhouse to not be tenant occupied. There are some townhouses on the market at The Townes at Bluestone that are under construction and could be available in a few months. There are some townhouses on the market in Beacon Hill (and on Norwood Street) that currently have tenants in them. But as far as recently (past 10 years) built townhouses ready for an owner occupant to move in -- buyers currently have ZERO options -- yet another example of how low our inventory levels have become. | |
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Should you buy or rent a townhouse in Harrisonburg? |
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 Given continued low interest rates and some increase in home values, let's take a new look at the opportunities of buying versus renting. RENT = $1050/m. There are regularly options for renting a two-story townhouse in Harrisonburg for approximately $1050 / month in Avalon Woods, Beacon Hill, Stonewall Heights, Liberty Square, etc. BUY = $1012/m. With a 95% loan, buying such a townhouse apparently may cost as little as $1,012 per month assuming a $155K purchase price and a 4% interest rate per SunTrust Mortgage's payment calculator....  This shows a rather small, $38/month, cost savings of buying instead of renting. If we then look at the difference between renting and buying over a five year time period, the advantages start to pile up.  As you can see, this builds a rather compelling case for buying instead of renting if you are going to be living in this potential townhouse for the next five years. Two other factors to keep in mind....
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Scott Rogers
Funkhouser Real
Estate Group
540-578-0102
scott@funkhousergroup.com
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Commonwealth of Virginia
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