Charlottesville’s market (as seen by HUD)

HUD’s analysis of Charlottesville’s real estate market – go here to read the PDF.

Interesting snippets from the summary –

Total home sales in the HMA have increased in each of the past 3 years. The median sales price has increased nearly 40 percent since 2000. Increased sales market demand in Charlottesville and Albemarle County came primarily from people migrating to the area for jobs, education, or retirement. Increasing prices in that submarket caused many homebuyers to seek lower cost housing in Fluvanna and Greene Counties where the sales market has also been strong.

Employment, population, and households are forecast to grow during the 3-year forecast period. The influx of retirees will increase population and household growth. Demand for development of 2,975 new housing units is expected over the forecast period with 2,000 owner units and 975 rental units.

Crozet itself is projected to see at least 2000 new units in the near future.

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