Most homeowners like to know the value of their home, or at least know how their neighborhood is doing. We can, and often do, develop home value reports for individuals seeking that information, but here I decided to put together some information regarding the local real estate market by town in Harrisonburg and Rockingham County. (Note: this is residential information, including single family homes and townhomes only. Source: HRAR MLS) If you like visuals, scroll down to view some charts!

Bridgewater

• Homes currently for sale: 44
• Homes sold in the past year: 33
• Current average list price: $303,798
• Average list price (over the past year): $230,276
• Average selling price (over the past year): $218,991

Broadway

• Homes currently for sale: 101
• Homes sold in the past year: 77
• Current average list price: $224,688
• Average list price (over the past year): $202,528
• Average selling price (over the past year): $196,690

Dayton

• Homes currently for sale: 27
• Homes sold in the past year: 26
• Current average list price: $235,422
• Average list price (over the past year): $241,978
• Average selling price (over the past year): $233,133

Elkton

• Homes currently for sale: 85
• Homes sold in the past year: 43
• Current average list price: $261,026
• Average list price (over the past year): $205,398
• Average selling price (over the past year): $193,551

Grottoes

• Homes currently for sale: 34
• Homes sold in the past year: 45
• Current average list price: $187,855
• Average list price (over the past year): $169,736
• Average selling price (over the past year): $164,437

Harrisonburg

• Homes currently for sale: 555
• Homes sold in the past year: 416
• Current average list price: $269,256
• Average list price (over the past year): $242,683
• Average selling price (over the past year): $233,970

McGaheysville

• Homes currently for sale: 97
• Homes sold in the past year: 45
• Current average list price: $261,888
• Average list price (over the past year): $252,307
• Average selling price (over the past year): $237,231

Penn Laird

• Homes currently for sale: 22
• Homes sold in the past year: 20
• Current average list price: $316,522
• Average list price (over the past year): $291,820
• Average selling price (over the past year): $278,695

And here are some charts showing the above information, for those who are visual learners.

This data shows that Harrisonburg, by far, has the most activity in terms of homes for sale, and homes that have sold in the past year. This is no surprise, though, because Harrisonburg is the largest town in the area! McGaheysville and Broadway have a lot of current listings on the market right now. Broadway is a popular place to live right now because the housing tends to be less expensive, and the data shows that 11% of homes sold over the past year have been in the town of Broadway.

This chart shows us that the average selling price in all areas of Harrisonburg and Rockingham County are not much lower than the average listing prices. This is good news! Agents are informing their seller clients well in pricing their homes, sellers are getting pretty much what they are asking, and selling prices say a lot about home values. When selling prices are close to listing prices, it means that home values are steady.

What this data proves, in all areas of Harrisonburg and Rockingham County, is that housing is very affordable, compared to other parts of the country (and even other parts of Virginia). If you are a buyer who is sitting on the fence, we encourage you to scope out your options for buying now because we are in recovery mode here in the Shenandoah Valley, which means the buyer’s market will not last forever!