Average cost of Page Co homes up 22% from 1stQ of 2023

County begins reassessment of real estate July 1

By Randy Arrington

LURAY, April 10 — The average price of a Page County home sold during the first quarter of 2024 was $336,296 — that represents a nearly 22-percent increase over the first quarter of 2023. Last year at this time, the average sold price stood at $276,610. Fewer homes were sold in the first three months of 2024, and on average, they stayed on the market 28 days longer. However, the number of homes selling for more than $250,000 increased by 48 percent.

“We’ve said it year after year, but we’re being found more and more by people in Northern Virginia, Fredericksburg, the Richmond area…and they are tending to buy the higher-end properties,” said longtime Luray Realtor, Bill Dudley. “It’s still an issue of supply and demand [driving up prices] without any question, but the buyers are used to these higher prices and they look good compared to where they’re from.”

Dudley says Page County’s real estate market has held steady in terms of inventory in recent months, ranging from 50 to 55 listings. That’s been the trend “since we cleared COVID”, Dudley said, noting that local listings hit a low of 13 at one point during the pandemic in 2021. Prior to the pandemic, the local market was averaging 75 to 100 listings, according to Dudley.

A total of 46 homes were sold in the Page Valley over the last three months, compared to 53 in the first quarter of 2023. The average days on market climbed from 50 last year at this time, to 78 days this year. The number of county homes selling for $250,000 or more increased from 23 last year, to 34 in 2024.

On the heels of news about higher home values, the Page County Board of Supervisors last week awarded a two-year contract worth $537,624 to Cowan Appraisal to conduct the county’s next reassessment. The process to reassess Page County’s 21,901 parcels begins July 1 and will conclude in late 2025. The new assessed values will go into effect on Jan. 1, 2026.

Payments to Cowan Appraisal will be made over two budget cycles. During its last appraisal (conducted in 2019-2020 and effective Jan. 1, 2021), the county contracted with Wingate Appraisal at a cost of $530,795. The selection of Cowan this time was made by a committee.

“We have not worked with them in prior years,” Page County Administrator Amity Moler said of Cowan Appraisal earlier this week. “The county Procurement Officer issued a RFP for assessment services and received four proposals. A committee reviewed and graded each proposal based on professional qualifications, prior experience and reputation, familiarity with county, price and inspection process. The top score was recommended to the [board of supervisors] after checking references and background.”

As homes values are anticipated to increase following reassessment, the first time local home owners will feel the tax implications of that process will be when mid-year tax bills are sent out with June 2026 due dates.

~ Current data for this article was taken from Bright MLS, the primary Multiple Listing System for Page County, and the Harrisonburg-Rockingham County MLS,

and provided by Bill Dudley & Associates Real Estate Inc. in Luray, Va.

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Annual 12-month comparisons

for Home Sales in Page County, Va.

Homes Sold

249 — 2023 (down 11%)

280 — 2022

270 — 2021

233 — 2020

191 — 2019

163 — 2018

Average Sale Price