Shenandoah County, Virginia: commercial real estate data.
Shenandoah County, Virginia has a population of 44,925 across 509 square miles, up 2.9 percent since the 2020 census base. County output reached $2.27 bn in 2024, 922 establishments operate here, and the SBA record carries 16 7(a) approvals worth $9.3 m.
120 sourced county values · tier FULL · 11 sections
Shenandoah County
How many people live in Shenandoah County
- Population44,925
- Households17,962
- Average household size2.50
- Median household income$67,191
- Median age42.9
- Median gross rent$984 per month
- Median owner-occupied home value$294,900
- Home value to household income4.4 times
- Annual rent as a share of median income17.6 percent
- Adults 25 and over with a bachelor degree or higher21.6 percent
- Adults 25 and over with a graduate degree8.6 percent
- Adults 25 and over32,115
- Population under 189,494
- Share under 1821.1 percent
- Population 65 and over10,081
- Share 65 and over22.4 percent
- Working age population, 18 to 6425,350
- Civilian labor force22,047
- Unemployment rate4.8 percent
- Labor force participation, adults 18 and over62.2 percent
- Rank by population among Virginia counties39th of 133
- Rank by population among US county-equivalents1104th
Shenandoah County is the 39th largest of 133 Virginia counties by population. A median home costs 4.4 times median household income, which is an affordable ownership market by national standards. Residents 65 and over outnumber those under 18, at 22.4 percent against 21.1 percent, which points demand at health care, services and single storey product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Shenandoah County
Is Shenandoah County growing
- Population change since the 2020 census base2.86 percent
- Census 2020 base population44,179
- Births, 2024394
- Deaths, 2024512
- Natural change, 2024-118
- Net domestic migration, 2024234
- Net international migration, 2024139
- Total net migration, 2024373
- Cumulative net domestic migration, 2021 to 20241,410
- Rank by growth among US county-equivalents908th
The county has grown 2.86 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Shenandoah County
Where people moving to Shenandoah County come from
- Tax returns filed by households arriving1,275
- People arriving, from those returns2,214
- Adjusted gross income arriving$79.6 m
- Net adjusted gross income movement$0
- Average income of an arriving household$62,434
- Largest single originShenandoah County Non-migrants (17,633 households)
- Largest single destination (17,633 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Shenandoah County Non-migrants | 17,633 | 34,672 | $1.46 bn |
| Other flows - Different State | 349 | 608 | $23.7 m |
| Other flows - South | 220 | 391 | $15.4 m |
| Other flows - Same State | 195 | 341 | $11.4 m |
| Warren County | 161 | 290 | $11.5 m |
| Frederick County | 152 | 258 | $8.2 m |
| Rockingham County | 113 | 205 | $5.8 m |
| Fairfax County | 72 | 124 | $8.5 m |
The largest single source of arrivals is Shenandoah County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Shenandoah County
What the Shenandoah County economy runs on
- County GDP, 2024$2.27 bn
- County GDP, 2023$2.18 bn
- GDP change, 2023 to 20244.0 percent
- GDP change over five years25.5 percent
- Rank by GDP among Virginia counties41st
- Rank by GDP among US county-equivalents1178th
- GDP per resident$50,534
Output grew 4.0 percent in the latest year and 25.5 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Shenandoah County
Who employs people in Shenandoah County
- Covered employment, annual average13,484
- Establishments reporting1,152
- Average annual pay$49,986
- Average weekly wage$961
- Sector 31-33, employment2,921
- Sector 31-33, average annual pay$53,906
- Sector 44-45, employment1,686
- Sector 44-45, average annual pay$33,629
- Sector 72, employment1,214
- Sector 72, average annual pay$20,621
- Sector 23, employment676
- Sector 23, average annual pay$58,037
- Sector 48-49, employment520
- Sector 81, employment378
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 31-33 | 2,921 | 50 | $53,906 |
| Sector 44-45 | 1,686 | 123 | $33,629 |
| Sector 72 | 1,214 | 92 | $20,621 |
| Sector 23 | 676 | 134 | $58,037 |
| Sector 48-49 | 520 | 46 | $69,707 |
| Sector 81 | 378 | 112 | $36,796 |
| Sector 54 | 350 | 67 | $92,479 |
| Sector 42 | 329 | 28 | $55,351 |
The largest sector is the biggest private employer group at 2,921 jobs, 21.7 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Shenandoah County
What businesses operate in Shenandoah County
- Establishments, all industries922
- Employment at those establishments12,260
- Annual payroll$546.8 m
- Establishments per 1,000 residents20.5
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Shenandoah County
What is being built in Shenandoah County
- Housing units authorised by permit, 2024224
- Declared construction value permitted$42.9 m
- Single family units authorised224
- Multifamily units authorised0
- Multifamily share of units0.0 percent
- Average declared value per unit$191,667
- Units authorised per 1,000 households12.5
Multifamily is 0.0 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Shenandoah County
How much SBA lending happens in Shenandoah County
- 7(a) approvals recorded16
- 7(a) gross approval dollars$9.3 m
- Average 7(a) approval$582,725
- Median 7(a) approval$250,000
- 10th percentile approval$31,800
- 90th percentile approval$2,050,000
- Largest single approval$2,648,000
- Jobs reported supported, 7(a)187
- Jobs per approval11.7
- Distinct 7(a) lenders active9
- Distinct industries receiving approvals11
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer25.0 percent
- Loans on real estate terms4
- Loans on working capital terms, 120 months or shorter11
- Franchise loans2
- Franchise share of approvals12.5 percent
- Leading industry by approval countAir-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (3)
- Most active lenderPioneer Bank (4)
- 504 approvals recorded9
- 504 gross approval dollars$10.5 m
- Average 504 approval$1,171,778
- Median 504 approval$595,000
- Distinct CDCs active2
- 504 jobs per approval6.7
- 504 jobs per million dollars approved5.7
- Most active CDCBusiness Finance Group, Inc. (7)
- 7(a) share of SBA approvals64.0 percent
- Combined SBA approval dollars$19.9 m
The average approval of $582,725 sits well above the median of $250,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 25.0 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Shenandoah County
Do SBA loans in Shenandoah County get paid back
- Loans with a final outcome recorded6
- Paid in full6
- Charged off0
- Status: Exempt from disclosure9
- Status: Paid in full6
- Status: Cancelled1
Too few loans have reached a final outcome to publish a charge off rate. only 6 resolved loans, too few to publish a rate. A rate computed on a handful of loans is noise, so none is shown.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Shenandoah County
Which parts of Shenandoah County get the lending
- Places in the county with recorded lending6
- New Market, approvals5
- QUICKSBURG, approvals3
- STRASBURG, approvals3
- WOODSTOCK, approvals2
- EDINBURG, approvals2
- FORT VALLEY, approvals1
| Place | Approvals | Gross approval dollars |
|---|---|---|
| New Market | 5 | $5,189,000 |
| QUICKSBURG | 3 | $950,000 |
| STRASBURG | 3 | $434,600 |
| WOODSTOCK | 2 | $1,670,000 |
| EDINBURG | 2 | $1,065,000 |
| FORT VALLEY | 1 | $15,000 |
New Market accounts for 5 approvals against 3 in QUICKSBURG. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Shenandoah County
How big is Shenandoah County
- Land area509 sq mi
- Rank by land area among Virginia counties21st of 133
- Width, east to west30.6 mi
- Height, north to south34.3 mi
- Geographies sharing a boundary4
- Residents per square mile of land88
- Establishments per square mile1.81
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Shenandoah County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Shenandoah County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population44,925
- Households17,962
- Average household size2.50
- Median household income$67,191
- Median age42.9
Common questions
Shenandoah County questions, answered from the record.
How many people live in Shenandoah County, Virginia?
44,925, in 17,962 households, ranking 39th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Shenandoah County growing?
The population has grown 2.86 percent since the 2020 census base. In 2024 there were 394 births against 512 deaths, with net migration of 373. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Shenandoah County?
$67,191. The median owner-occupied home is valued at $294,900, which is 4.4 times income, and median gross rent is $984 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Shenandoah County?
922 establishments, employing 12,260 people with an annual payroll of $546.8 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Shenandoah County?
Average annual pay is $49,986, or $961 a week, across 13,484 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Shenandoah County?
16 7(a) approvals totalling $9.3 m since FY2020, across 9 lenders, with a median approval of $250,000, plus 9 504 approvals worth $10.5 m. These are approvals recorded in the release, not loans disbursed.
What is being built in Shenandoah County?
224 housing units were authorised by permit in 2024, with a declared construction value of $42.9 m. Multifamily was 0.0 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Shenandoah County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Shenandoah County come from?
The largest single origin is Shenandoah County Non-migrants, with 17,633 households. Arriving households report an average income of $62,434 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Shenandoah County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Shenandoah County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.