Harrisonburg-Staunton-Waynesboro, VA

There is no doubt that the Harrisonburg-Staunton-Waynesboro, VA combined statistical area (aka CSA) is a hotbed for real estate activity. The combination of strong job growth, low interest rates, and an influx of new residents has created a perfect storm for the housing market.

As a result of this activity, prices have been on the rise. According to Zillow, the median home value in the CSA is $262,700, which is up 7.4% over the past year and is expected to rise another 3.3% in 2020. This appreciation has been driven by both an increase in demand and a decrease in supply.

On the demand side, job growth has been strong in recent years. Between 2015 and 2018, employment in the CSA increased by 5%. This growth has been driven by a number of factors including an expanding healthcare sector and an influx of retirees to the area. As more people move to the CSA for work or retirement, they are looking for places to live. This increased demand has put upward pressure on prices.

At the same time that demand has been increasing, supply has been decreasing due to a number of factors including strict zoning regulations and a lack of buildable land. This decrease in supply combined with increased demand has resulted in rising prices across all types of housing – from single family homes to apartments.

Looking forward, it seems likely that these trends will continue as job growth remains strong and new residents continue to move into the area. This could mean even higher prices as we move into 2020 and beyond!