Harrisonburg, Virginia Housing Market Prices
Harrisonburg Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 8% above the Virginia median$275,925
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Median rent 25% below the Virginia median$1,183
Housing Market Overview
| Metric | Harrisonburg | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,925 | $256,082 | $248,835 |
| Price Trend (Annual %) | 2.6% | 3.5% | 7.5% |
| Median Gross Rent | $1,183 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Harrisonburg is about 8% higher than in Virginia. Rent is about 25% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Harrisonburg, up about 2.6% and 4.5% a year respectively. Rent is changing faster.
Median rent in Harrisonburg rose about 41.4% between 2015 and 2024, from $837 to $1,183. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Harrisonburg.
Buying the median-priced home in Harrisonburg costs roughly 19.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Harrisonburg. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Harrisonburg | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,925 | $256,082 | $248,835 |
| Median Household Income | $64,229 | $93,527 | $80,455 |
| Price-to-Income Ratio | 4.3 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Harrisonburg rose about 76.7%, while median household income rose about 73.2% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Harrisonburg | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 36.7% | 61.5% | 58.5% |
| Rental Rate | 56.3% | 29.8% | 31.2% |
| Vacancy Rate | 7.0% | 8.7% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Harrisonburg has a homeownership rate of 36.7%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 7.0%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Harrisonburg | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1984 | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 6.0 | 5.5 |
The typical housing unit in Harrisonburg was built around 1984. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Harrisonburg, Virginia.
What is the median home price in Harrisonburg, Virginia?
The median home price in Harrisonburg, Virginia is $275,925, higher than the Virginia average of $256,082.
What is the average home price in Harrisonburg, Virginia?
The typical home price in Harrisonburg, Virginia, reported as the median sale price, is $275,925. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Harrisonburg, Virginia?
The median gross rent in Harrisonburg, Virginia is $1,183 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Harrisonburg in 2020?
In 2020, the median gross rent in Harrisonburg, Virginia was $911 per month.
What is the price-to-rent ratio in Harrisonburg, Virginia?
The price-to-rent ratio in Harrisonburg, Virginia is about 19.4, meaning it would take roughly 19.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Harrisonburg.
Are home prices or rent rising faster in Harrisonburg, Virginia?
Both home prices and rent are rising in Harrisonburg, up about 2.6% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Harrisonburg, Virginia?
36.7% of households in Harrisonburg, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Harrisonburg, Virginia?
The housing vacancy rate in Harrisonburg, Virginia is 7.0%, lower than the Virginia average of 8.7%.
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