Average Page County home selling for $318K

July 18, 2024 PVNPublisher 0

Countywide reassessment of real estate began July 1

By Randy Arrington

LURAY, July 18 — While the Page Valley real estate market remains vibrant, average sale prices have cooled slightly from the first quarter of 2024. In year-to-year comparisons for the first six months, more homes were sold, at higher prices, while the average days on market remained steady. However, while values continue to climb (as countywide reassessment gets underway this month), the market overall has cooled from its rapid ascent over the past few years.

Page County saw an 11-percent increase in the number of homes sold during the first six months of 2024, growing from 120 a year ago to 133 this year. In comparison to neighboring counties — Shenandoah County saw a 4-percent increase, growing from 291 homes sold to 303; while Rockingham’s home sales grew 16 percent, from 454 to 526.

The average sold price of a Page County home over the past six months was $318,117 — an 8-percent increase over the first six months of 2023, which showed an average sold price of $295,037. However, 2024’s six-month average also represents a 5.4-percent drop from Page’s first quarter average sold price of $336,296.

The average number of days that a Page County home stayed on the market hasn’t changed much from year-to-year, sitting at 59 days during the first six months of 2023, and now at 60 days in the first half of 2024.

While nearly twice as many homes were sold in Page County during the second quarter of 2024 — 87, compared to 46 in the first quarter — the average sold price of those homes came in slightly lower (noted above). However, in contrast to lower average sold prices, a continued increase was shown in the sale of homes valued at $250,000 or more. Through the first six months of 2024, that category rose 46 percent, from 65 homes in 2023, to 95 homes in 2024. That statistical category that may need to be recalibrated given the rising average of local home sales, currently standing above that threshold at $318,117.

“Over the last six years, as sale prices continue to increase, the percentage of home selling with a sales price of $250,000 or more has increased from 16 percent [of the homes sold] in 2018, to 71 percent currently,” Bill Dudley & Associates of Luray stated on a recent social media post reporting the six-month real estate figures for 2024.

The $250K-plus category proved an interesting real estate metric when only 26 such homes were sold in Page County in 2018, and the average home sold price stood at $173,272. Six years later, nearly 100 homes in that category have been sold in six months, and the average home sold price has jumped 84 percent.

In April, the Page County Board of Supervisors 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 began July 1 and will conclude in late 2025. The new assessed values will go into effect on Jan. 1, 2026.

~ 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