Living Close To Downtown
There has been a lot of talk of the subdivision Newtown. Since downtown Harrisonburg has become a lot more popular, affordable housing in proximity is more in demand.
Lets explore some statistics:
Newtown Sales are Increasing
From this data, we can see that overall, the number o f house sales have risen. We'll want to keep an eye on sales in the next few years to determine if 2013 and 2014 were abnormal years or the start of a new trend.
It's very important to keep in mind that Newtown isn't a very large neighborhood. Furthermore, the number of sales we are seeing don't create a very large sample size. With a smaller sample size, the data can seem more dramatic. For example, if I were to tell you that there were 5 more sales in 2014 than 2015, it wouldn't seem that substantial.
Netown Sales Prices Trending Downward?
According to this data, it appears that the price of housing has trended downward. You may be wondering how this makes sense since I originally said that Newtown seems to be on the rise.
To answer this, there are two main factors at play. First of all, we are looking at median sales data. With a small sample size we may not get the best pulse of the market due to the second factor: people are buying cheap houses to renovate.
That brings me to the biggest point, having a lot of renovation in your area is an excellent indicator that the neighborhood is on the rise. From going through the neighborhood on a regular basis for the past few years, I have noticed that there are usually around 4 houses being renovated at a given time.
In conclusion, I would predict that we will continue to see cheaper houses being renovated for some time to come. We will need to continue to keep an eye on the statistics but also a feel for the neighborhood.