Harrisonburg VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Harrisonburg, VA Real Estate Data

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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Harrisonburg Housing Market Information

With a population of 54,215, 16,848 total housing units (homes and apartments), and a median house value of $229,185, 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 37.12% of the city's housing units. Other types of housing that are prevalent in Harrisonburg include large apartment complexes or high rise apartments ( 27.03%), row houses and other attached homes ( 23.49%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 11.09%).

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 ( 24.37%). A lesser amount of the housing stock also hails from between 1940-1969 ( 17.44%). There's also some housing in Harrisonburg built before 1939 ( 9.02%).

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 -0.22%, 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 1.71%, 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 1.95%, which equates to an annual appreciation rate of 8.05%.

Importantly, this makes Harrisonburg one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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:
$229,185

Harrisonburg, VA HOME PRICES

Value Range
> $1,087,000 0.3
$815,001 - $1,087,000 0.2
$543,001 - $815,000 0.6
$435,001 - $543,000 3.7
$326,001 - $435,000 17.9
$217,001 - $326,000 32.9
$109,001 - $217,000 35.3
$54,001 - $109,000 5.0
$0 - $54,000 4.3

Average for VA
High for Nation

Value Relative to Nation Value Relative to State
31.0948905109489 42.6997245179063

Number Of Homes And Apartments:
16,848

Harrisonburg Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
56.59% 2.33%
4
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,204 / per month

Homeownership Rate

Homeownership
Owners 32.92
Renters 67.08
Vacant 7.19

Housing Market Details

 

Age of Homes

AGE OF Harrisonburg HOMES
2000 or Newer 24.4
1970 - 1999 49.2
1940 - 1969 17.4
1939 or Older 9.0

Types of Homes

TYPE OF Harrisonburg HOMES
Single-Family 37.1
Townhomes 23.5
Small Apt. Buildings 11.1
Apt. Complexes 27.0
Mobile Homes 1.3
Other 0.0

Home Size

SIZE OF Harrisonburg HOMES
No Bedroom 1.86
1 Bedroom 10.73
2 Bedrooms 28.46
3 Bedrooms 34.41
4 Bedrooms 21.11
5 or more bedrooms 3.43