Tag: housing market
The city of Harrisonburg’s decades-long trend of rapid growth is no more. According to 2020 estimates published by the Weldon Cooper Center, the city had a population of 54,049 on July 1. While that’s up slightly from last year’s estimate, it’s lower than the 2016 estimate, capping a five-year period in which the city’s population essentially remained flat.
Nowadays, when a home priced in the $200,000-$300,000 range hits the market in Harrisonburg, you can expect a feeding frenzy. According to Scott Rogers, associate broker for Funkhouser Real Estate Group, 20 or more showings and 10 offers within a few days isn’t unusual.
The types of housing units available in Harrisonburg — and the competitiveness of the housing market — particularly disadvantages lower-income residents, which the initial findings of a comprehensive housing study confirmed.
As Harrisonburg continues its experiment with how to regulate Airbnb properties and other short-term rentals, the planning commission — and city council — are now wrestling with how to fairly decide who gets a permit and how to do so efficiently and with the fewest unintended consequences.
The way Harrisonburg zones for new housing could change drastically over the next several years as city leaders wrestle with their approach to new developments. And early signs of those changes are starting this month.
Harrisonburg’s housing crunch leads to fewer homes on the market — and those that are don’t stick around long
Soon, perhaps even later today, Wes Way hopes he will have signed the contract on a home in the Northeast neighborhood. But he’s had to get creative to do it.
Way is one of the prospective buyers scrambling to find a home before it gets snapped up in Harrisonburg’s tight market. Knowing the seller can be a boon to buyers, as homes tend to be on the market for a matter of days, or sometimes hours, before going under contract.