The independent city of Waynesboro is located in the Commonwealth of Virginia and the picturesque Shenandoah Valley, merely a couple of miles away from the famous Appalachian Trails. The lovely city has a total area of 15.11 square miles and counted 22,400 residents in 2022. Its mesmerizing scenery makes it a prime candidate for one of Virginia’s best places to visit.
Besides its unique natural beauty, Waynesboro excels economically as well. Most notably, the local unemployment rate is way below the national average. In addition, the cost of living in Waynesboro is also low, making it one of the ideal relocation destinations in the United States. But how about its housing market?
Between 2019 and 2022, real estate trends in Waynesboro changed a lot. The pandemic and recession determined a significant portion of the prominent American city residents to switch homes, preferring smaller towns. Waynesboro was one of those US cities where the housing market thrived during the pandemic.
Over the last three years, prices roseand dropped suddenly as the housing demand dictated. For example, in May 2022, the median home sale price increased to $270,000, yet it went down to $250,000 by June. Simultaneously, the average sale price rose by approximately 22 percent since 2021.
Established local real estate agents in Waynesboro, Virginia, pointed out that property prices went up by about eighteen percent since last year, which is quite impressive. As of June 2022, the median home selling price in Waynesboro, VA, was $242,000. Nevertheless, knowing the national median home prices ($428,000 in June 2022), we can still confirm that our city provides one of the lowest real estate prices in the US.
Compared to the Virginia state median, property prices in Waynesboro are less pricier by about twenty-six percent.
Listed properties stayed on the market for about seven days in June 2022 instead of fifty-seven days in 2021. That is unquestionably fantastic news for sellers! And since property expenses are under the US average price, some Waynesboro home sellers can sell above the initial list price.
Our answer, in short, is a definitive yes! No one can be sure how long real estate prices will stay the same and not escalate dramatically.
You can rent an apartment or house in Waynesboro for approximately thirty percent cheaper than in Virginia. We must stress that the demand for inexpensive rental units grew significantly in the city, and sodid their prices. Therefore, on average, you’ll have to pay $825 for a one-bedroom apartment in Waynesboro as of August 2022.
Furthermore, the rent for a Waynesboro studio apartment went up by about 46 percent since 2021, available for $1,350 on average. Lastly, tenants must pay about $1,250 for a two-bedroom apartment. In the latter case, prices increased by twenty-seven percent.
Though rents in the city don’t stay at a fixed price, we can still include Waynesboro on the impressive list of cities with the most affordable rental markets. With expert local realtors’ assistance, you can find and keep a good rental in the city.
Market-wise, Waynesboro is experiencing an exciting time. House-hunters can purchase homes on a budget. On average, property prices remain affordable, moving on a scale between $200.000 and $270,000 for quite some time now. Local real estate transactions are carried out effortlessly and without too much delay. Our money is on excellent investment opportunities in Waynesboro!