Why Are Charlottesville Home Prices So Much More Expensive than Where I’m From?

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I hear this a lot. “Why are homes in Charlottesville so much more expensive than where I’m moving from?”

I hate to say this, but the answer starts with “because.” And “expensive” is relative … it depends on where you’re coming from. But yes, we tend to have higher housing costs than many other parts of the state and country. But we also offer a remarkable location – close to hiking and mountains, a short drive or train ride to DC, Richmond is less than an hour away …

But I also say this having represented buyers who have chosen to not relocate to the Charlottesville area because I showed them homes that just didn’t fit what they could get back home, I’ve represented buyers who have made compromises on what type, style, size home, and I’ve represented buyers who’ve found exactly what they were looking for.

- Because Charlottesville truly is a great place to live.

- Because of supply and demand – a lot of people choose to live here.

- Because quite a few people see Charlottesville as a destination location – they either move here and keep their jobs in Seattle or LA or Boston or … – or they are retired or semi-retired. Many want to live in a college town where one of the biggest negatives is choosing between the things to do in your free time.

- Because CharlAlbemarle is always on some kind of best list .

- Because you can get most places in 20 minutes or less. (when I was a kid, it was 13-15 minutes, and today sometimes that 17 minute drive takes 40 … but still.)

Because. And I’m not the only one … Spend a few minutes reading the great comments and discussion we had about this topic on Twitter and Facebook. It’s truly a great conversation with insight from people who live here, grew up here who no longer live here and clients whom I’ve represented. Really. Read the comments.

If you’re curious, here’s some data I pulled – just for single family homes in Charlottesville, Albemarle, Fluvanna, Greene and Nelson Counties –

- Sales and Inventory history 2001 – 2004

- Sales and Inventory history 2005 – 2009

- Sales and Inventory history 2010 – 2014


Spend a few minutes reading the responses below; some very thoughtful comments and for that I’m grateful and thankful.

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About Jim Duncan

Father, husband, Charlottesville real estate agent, bicycle rider & soccer coach. And more. Lots more.
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  • http://www.bankforeclosuressale.com/ Simon Campbell

    Put a city on the best place to live list and you are bound to see increasing prices. Demand fuels value growth. Add in tourism and retirees and you have an ideal recipe for a hip town with a great reputation.