Last year we wrote a blog post about the multi-family home market in our area, which highlighted key points regarding investment and rental income for the past year. Now we’d like to take a closer look at another part of our area’s real estate market — the farm. The Shenandoah Valley is a wonderful place to maintain a farm. It is very picturesque, like something out of a child’s story book.
But besides the look and feel of the farm, what is the market like?
Currently Listed Farms
- There are currently 32 farms on the market in Harrisonburg and Rockingham County.
- Their list prices range from $195,900 to just under $5 million.
- The median list price for these 32 farms is $564,000.
- Most of these farms are located in the Northeast portion of Rockingham County.
- The average acreage for these 32 farms is 51.87 acres.
- 7 of these farms do NOT have a residence on the property.
- 9 farms have sold in the past year.
- Not surprisingly, none were located within Harrisonburg city limits. All were in Rockingham County.
- The average selling price for these 9 farms was $622,333.
- These 9 farms sat on the market for an average of 219 days — just over 7 months.
- The average acreage for these 9 farms was 78.09 acres.
- One of these farms does NOT have a residence on the property.
If you have any questions about how to go about searching for and purchasing a farm, contact us.