Townhomes
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Where Have All The Townhouses Gone? Buyers Have Bought Them Every One! |
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 OK, admittedly, there are still SOME townhouses remaining to be purchased in Harrisonburg and Rockingham County -- but the inventory levels are declining relatively quickly. In fact, there are now just 68 townhouses (and duplexes and condos) for sale in all of Harrisonburg and Rockingham County -- which is a 59% decline from two years ago. Wow! Some part of this is that buyer demand is increasing -- and the situation also isn't helped by the very small number of new townhouses that are being built these days. Over the past 10-15 years we saw many new townhouse developments that (at the time) fell into that price range, including:
Now, however, there are significantly fewer options available when it comes to newly built townhouses in or near Harrisonburg, under $200K....
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Last call for a new townhouse at The Townes at Bluestone in 2015 |
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 If you were hoping to buy a new townhouse at The Townes at Bluestone in 2015, you only have one more opportunity to do so. These townhouses are selling fast, and there is only one remaining townhouse available that could be completed this year. There are plenty more in future sections of the community, but the next building will not be complete until Spring 2016 (+/-). Feel free to walk through the model home, online, in 3D here. | |
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Townes at Bluestone selling quickly |
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 If you were hoping to buy a townhouse at The Townes at Bluestone, act quickly! There is one remaining building in Section One, with seven townhouses. Of those seven....
Click here to view the available townhouses, floor plans, standard features, or photos of the new model home at The Townes at Bluestone. Why are these townhouses selling so rapidly?
Let me know if you'd like to take a peek at the new model home at The Townes. Just call me 540-578-0102 or send me an email: scott@HarrisonburgHousingToday.com. | |
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HarrisonburgTownhouses.com updated with 2013-Q2 sales data |
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 HarrisonburgTownhouses.com has been updated with sales data from 2013-Q2, and many townhouse communities are (finally) starting to see median prices increase again. So, are you wondering about property values in your townhouse community? Or considering purchasing an investment property? Whatever the reason for your interest in townhouses in Harrisonburg, you will likely find the information you need at HarrisonburgTownhouses.com, including (for each townhouse community):
The townhouse communities featured on HarrisonburgTownhouses.com include:
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Last chance to customize a Liberty Square II townhouse! |
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 You have one more chance to customize a Liberty Square II townhouse --- as there is only one townhouse remaining in the development. The model home is shown above, and will be under contract later this week. Send me an email (scott@HarrisonburgHousingToday.com) if you're interested in buying a townhouse at Liberty Square II. Now is the time to act! | |
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Explore 22 Townhouse Communities in Harrisonburg, VA |
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Learn all about Harrisonburg's 22 townhouse communities on HarrisonburgTownhouses.com, now updated with 2012-Q3 sales trend data.  | |
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How could townhome values have dipped so far, so fast? |
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After staying relatively stable over the past few years, townhome values are dropping quite quickly in 2011 -- per the median home value of Harrisonburg and Rockingham County townhomes....  Townhome Sales between January and March 2010:
Townhome Sales between January and March 2011:
I believe what we're seeing here is that the median (and average) sales prices are coming down because of the composition of which (townhome) properties have actually sold in the first quarter of 2011. If my theory is correct. the median (and average) sales prices might increase quickly as the year continues. Alternatively, they could stay quite low if the smaller, older, more remote townhomes continue to sell -- at lower prices than most. Properties selling in 2011 (1Q) under the $126,000 median sales price included:
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Why is the median price of townhomes holding steady? |
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It's rather puzzling. Despite fewer (and fewer) townhome buyers, prices are holding relatively steady....  One of my clients hypothesized that perhaps prices are holding steady because the townhomes that buyers are actually buying these days (2010/2011) are new townhomes, and are thus worth more. To test this theory (which I definitely agreed with) I examined the median age of the townhomes that sold for each year between 2006 and 2010....  Based on the information above, it doesn't seem that townhomes are holding steady in price because buyers are just buying new townhomes these days. In fact, the reverse is true, more of the townhomes purchased 4 and 5 years ago were new than of those purchased in 2010/2011. Examining the data from another perspective, I thought I'd check the percentage of the townhome market that is made up of sales of new townhomes....  Again, the data shows that fewer and fewer (proportionally) of the townhomes being purchased are new townhomes --- thus the theory that prices are holding because newer townhomes are what is actually selling does not seem to hold true. So, what could it be? Any other theories that I can test? Why are townhome values so resilient in Harrisonburg and Rockingham County? | |
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New-ish Townhouses in Harrisonburg |
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In working with several townhome buyers over the past few months, I developed the map below outlining the main "new-ish" townhome developments in and around Harrisonburg. There are certainly other smaller and/or older subdivisions, but this map shows the location of your main options for two and three story townhomes. Take a look below the map for links to properties for sale in each subdivision.  New-ish townhomes for sale in and around Harrisonburg:
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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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