Virginia Housing Market Heating Up in Shenandoah Valley

After searching for a home in the Crozet-Charlottesville (Va.) area for six months, Ander and Brenda Martin decided to center their home search on the Waynesboro-Fishersville area of Augusta County.

After spending the weekend driving through eastern Augusta - a thriving sector of the Virginia housing market, the Martins aren’t worried about finding a house they can afford. Now, it’s what house they want.

The Martins aren’t the only home buyers coming down to the Central Virginia housing market from the north. According to a recent study by the Central Shenandoah Planning District, Augusta County likely will be dealing with many more transplants during the next decade.

According to the data Crawford collected from the Virginia Association of Realtors and other state and local agencies, Augusta County real estate could be ready for even more growth.

With Virginia mortgage costs to the north and east significantly higher, “the local housing markets in this region could potentially experience increases in demand and home prices in the future that exceed those occurring in recent years,” one Realtor wrote.

That could mean big things for Augusta County’s housing market. With the lowest average mortgage costs in the five-county region, the local market has nowhere to go but up.

It’s not just working class residents that see Augusta County as a bargain investment. Retirees are on the move as well - a major cog driving the Valley’s housing engine.

It’s a recipe that he predicts will cook up strong sales — and higher home prices — for some time to come, especially as home mortgage rates continue to remain low across the region.

Local Realtors see what’s coming, too.

Despite the recent nationwide housing market correction, real estate insiders say the Staunton-Waynesboro-Augusta County market is still seeing strong growth, both in terms of units sold and the price for which they were traded.

They feel that now is the time to buy.

“(Buyers are) not feeling the pressure to make a decision they may have felt in recent years,” according to Fred Morgan, past president of the Greater Augusta Association of Realtors.

“It’s not like it was a year or two ago. Because there are more homes out there, buyers don’t feel like they have to make an offer immediately to purchase a home because the property is going to be gone. They can take their time to make their decision or see more properties until they find what they really want.”

As good as the getting is right now, local Realtors say the market is getting ready to shift - meaning potential home loan applicants would be wise to get into the game now.

“It’s going to be one of those things where some people will be kicking themselves in six months for not getting into the market,” Morgan said.

“The demand for housing here will not fade. They are coming because the quality of life we have here in the Valley is high and because, when compared with other real estate markets in the areas, ours is still the best bargain. We do not see any changes occurring that will cause that trend to slow down.”

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