Harrisonburg appreciation rates and housing market information

Harrisonburg housing market information

With 40,468 people, 13,689 houses or apartments, and a median cost of homes of $251,752, Harrisonburg real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Harrisonburg, accounting for 38.01% of the city's housing units. Other types of housing that are prevalent in Harrisonburg include large apartment complexes or high rise apartments (30.74%), duplexes, homes converted to apartments, or other small apartment buildings (16.71%), row houses and other attached homes (12.27%), and a few mobile homes or trailers (2.21%).

The most prevalent building size and type in Harrisonburg are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 37.49% owning, and 58.45% renting.

There is a lot of housing in Harrisonburg built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Harrisonburg built from 1940-1969 (26.12%). A lesser amount of the housing stock also hails from 1995 and later (13.84%), and some were built from 1939 and earlier (13.84%).

Harrisonburg home appreciation rates

Appreciation rates for homes in Harrisonburg have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 95.84%, which ranks in the top 30% nationwide. This equates to an annual average Harrisonburg house appreciation rate of 9.58%.

NeighborhoodScout's data show that during the latest twelve months, Harrisonburg home appreciation rates, at -0.29%, have been at or slightly above the national average. In the latest quarter, Harrisonburg's appreciation rate has been -0.46%, which annualizes to a rate of -1.84%.

Notably, Harrisonburg's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Virginia, our data show that Harrisonburg's latest annual appreciation rate is higher than 48% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Harrisonburg differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Harrisonburg - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Harrisonburg real estate investment or home purchase decisions.