Harrisonburg, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Harrisonburg, VA Housing Market Trends

With 53,016 people, 16,723 houses or apartments, and a median cost of homes of $247,493, 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 36.32% of the city's housing units. Other types of housing that are prevalent in Harrisonburg include large apartment complexes or high rise apartments ( 27.01%), row houses and other attached homes ( 22.67%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 12.16%).

Renters dominate Harrisonburg's housing market, and most live in three of four bedroom dwellings, chiefly found in single-family detached homes.

There is a lot of housing in Harrisonburg built from 1970 to 1999 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 between 2000 and later ( 25.91%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.85%). There's also some housing in Harrisonburg built before 1939 ( 8.69%).

Harrisonburg Home Appreciation Rates

Harrisonburg's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Harrisonburg during the period has been just 1.03%, which is lower than 80% of US communities.

Over the last year, Harrisonburg appreciation rates have trailed the rest of the nation. In the last twelve months, Harrisonburg's appreciation rate has been 4.63%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Harrisonburg were at 2.31%, which equates to an annual appreciation rate of 9.55%.

Relative to Virginia, our data show that Harrisonburg's latest annual appreciation rate is lower than 70% 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 2000, to assist you in making the best Harrisonburg real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$247,493

Harrisonburg, VA HOME PRICES

> $1,097,000
0.2%
0.2%
$823,001 - $1,097,000
0.3%
0.3%
$549,001 - $823,000
3.1%
3.1%
$439,001 - $549,000
2.8%
2.8%
$329,001 - $439,000
18.5%
18.5%
$219,001 - $329,000
34.6%
34.6%
$110,001 - $219,000
32.2%
32.2%
$55,001 - $110,000
5.6%
5.6%
$0 - $55,000
2.7%
2.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for VA

Value Relative To Nation

Number Of Homes And Apartments:
16,723

Harrisonburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
64.27% 2.39%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,097 / per month

Homeownership Rate

Owners
34.2%
34.2%
Renters
65.8%
65.8%
Vacant
8.4%
8.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
25.9%
25.9%
1970 - 1999
49.5%
49.5%
1940 - 1969
15.8%
15.8%
1939 or Older
8.7%
8.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
36.3%
36.3%
Townhomes
22.7%
22.7%
Small Apt. Buildings
12.2%
12.2%
Apt. Complexes
27.0%
27.0%
Mobile Homes
1.8%
1.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.1%
2.1%
1 Bedroom
10.7%
10.7%
2 Bedrooms
28.7%
28.7%
3 Bedrooms
35.2%
35.2%
4 Bedrooms
19.9%
19.9%
5 or more bedrooms
3.4%
3.4%
0.0% 100.0%
% OF HOMES