2018 Predictions for Charlottesville & Albemarle (Real Estate Markets)

From my monthly note (archived: 2023) (interested in joining the dozens of readers? Start here (archived: 2023)).

2018 Predictions

Many years ago, an economist told me that if you don’t make predictions, people are less inclined to trust you. So, here I go.

Assuming our country is still here next year, and economically things stay mostly the same …

1. Shortage of good inventory is going to remain a driving force in the Charlottesville – Albemarle market
2. New construction will continue to be a large (~25% – 30%) percentage of the Charlottesville/Albemarle market
3. The Courts will stay where they are, and the Albemarle County Office Building will move.
4. More real estate agents will enter the market, thinking this business is easy. Getting in is easy. Staying in is harder.
5. Marketing teams at Nest will continue to rock; they are remarkable people doing incredible things every day.
6. Average prices across the board will go up by about 6%. (Don’t forget about micro markets and how unwise it is to make such blanket statements.)
7. “Pivoting to video” will continue to be unwise.
8. The need for great, consistent local media will grow.
9. The Landmark Hotel will see something that resembles progress towards completion.
10. Property assessments are going to go up in the City and the County… and there’s going to be a big ol’ fight about it.
11. Someone is going to seek enabling legislation to get Impact Fees to help deal with the poor infrastructure
12. The City of Charlottesville and County of Albemarle will continue to be very good at planning and very poor at implementing. Okay. that was too easy.
13. We are going to hear more about Blockchain. Maybe Redfin, too.