Curious Questions about the Charlottesville Real Estate Market

Curiosity about the Charlottesville area real estate market, via Twitter.

Cville folks – what are you curious about re: the Charlottesville real estate market right now?

• First in a series.
• Second, looking at 29 North Buildout.
• Third – Commercial real estate

I stole the idea/question above from my friend and fellow Nester in Blacksburg, and the questions came quickly.

I’m going to be answering these questions in the next few days as I try to get back on a schedule of posting here every Tuesday and Thursday.

• How many New Yorkers are moving here?
• How’s the rental market doing? (I’ve seen a larger number than usual for rent signs in my neighborhood.) This became a good thread worth reading.
• Are all these new developments off 29N actually going to be completed and sold out?
• Are property values ever going to plateau (for a while) around here?
• I’ve noticed a few Airbnb rentals being listed, do you think this trend will continue?
• I’ve been interested, not necessarily surprised to see buying continue during the pandemic. Do you think that demand comes from in town, or new people from out of town, or both? And is the home-buying class in town immune to this sort of downturn?
• I’d like to know what you’re seeing on the construction side of things. Is demand still outpacing capacity?
• Thoughts on commercial real estate?

I’ll answer the easy ones first.

How many New Yorkers are moving here?

No idea.

But, a related post from 2016 is useful anyway. Who (What Age) is Moving to the Charlottesville – Albemarle Area?

Is the Charlottesville – Albemarle market immune?

Nope. We were protected to a certain degree in the 2008-era crash, and I think we may be somewhat protected now, but this one feels different. I’ve not in my career had so many clients telling me about salary reductions, furloughs, and job losses. Never have I seen UVA seem to shake as the foundation of our economy. Heck, one of the biggest components of our economy is the wedding industry, and that’s been hammered (no longer available).

Will we be ok? Sure, in time. And I firmly believe that people who want to, and can afford to buy or sell in the Charlottesville area will continue to do so. We’re still a great place to live, and people need homes.

Have a Question?