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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



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 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (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 51,158 people, 17,142 houses or apartments, and a median cost of homes of $327,448, 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 35.75% of the city's housing units. Other types of housing that are prevalent in Harrisonburg include large apartment complexes or high rise apartments ( 26.79%), row houses and other attached homes ( 23.08%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 13.32%).

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 ( 28.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.83%). There's also some housing in Harrisonburg built before 1939 ( 6.70%).

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 4.20%, 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 0.12%, 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 -6.06%, which equates to an annual appreciation rate of -22.14%.

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 lower than 90% 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

$327,448

Harrisonburg, VA Home Prices
> $1,185,000
$888,001 - $1,185,000
$592,001 - $888,000
$474,001 - $592,000
$356,001 - $474,000
$237,001 - $356,000
$119,001 - $237,000
$59,001 - $119,000
$0 - $59,000
0.1%
0.1%
1.8%
1.8%
2.9%
2.9%
15.0%
15.0%
21.5%
21.5%
34.9%
34.9%
18.8%
18.8%
2.7%
2.7%
2.3%
2.3%
0% 100.0%
% of Homes
Average

for Virginia

High

for nation

Number of Homes And Apartments:

17,142

Harrisonburg Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,474 / per month

Homeownership Rate

Owners
Renters
32.7%
32.7%
67.3%
67.3%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
7.8%
7.8%
92.2%
92.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
28.4%
28.4%
49.0%
49.0%
15.8%
15.8%
6.7%
6.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
35.8%
35.8%
23.1%
23.1%
13.3%
13.3%
26.8%
26.8%
1.1%
1.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
11.9%
11.9%
26.4%
26.4%
34.6%
34.6%
20.9%
20.9%
4.7%
4.7%
0% 100.0%
% of Homes