Numbers mean less when they lack context and insight. Someone asked me about new construction and building permits in Albemarle County, so I ran some numbers. A bit of the analysis is below.
| # sold att | Median price att | # sold det | Median price det | |
| 2019 | 271 | $350,625 | 215 | $602,836 |
| 2020 | 208 | $379,000 | 271 | $644,512 |
| 2021 | 188 | $413,726 | 204 | $681,078 |
| 2022 | 161 | $469,100 | 223 | $739,660 |
| 2023 | 308 | $459,944 | 176 | $774,371 |
| 2024 | 138 | $474,500 | 78 | $805,007 |
I ran the 2023 numbers three times, and asked a friend and colleague if that felt right as the jump from 161 to 308 is a big big jump, attributable to 1) price point needs 2) a couple new neighborhoods hitting their respective strides in Albemarle County.
If only we could also build infrastructure … (trailing off, knowing that that is a futile, dreamy thought)
| # att w/ 1st floor primary | median price | % of sold att |
| 83 | $471,972 | 30.63% |
| 73 | $430,680 | 35.10% |
| 66 | $451,533 | 35.11% |
| 63 | $487,069 | 39.13% |
| 130 | $500,006 | 42.21% |
| 32 | $548,130 | 23.19% |
The first floor primary attached/villa market remains strong in Albemarle County, with price points nudging up every year. That product speaks to a demographic segment that is thinking long and short terms, and I suspect that we will see more of this in the future.
(renewing the observation for more density and commensurate infrastructure)
*2024 data is accurate as of mid-afternoon 16 July, 2024.
Looking purely at Charlottesville City this year:
New resale listings (top-level, not digging in for anomalies, re-lists, etc) in Charlottesville City:
From1 January through 15 July 2023, 276 new listings; 332 in that same time frame in 2024. This is good news that may lead to a more rational market, with more reasonable rationale decision making. May.
In Albemarle County, purely resales:
From 1 January through 15 July 2023, 884 new listings and 871 in that time frame 2024. I’ll call that a more balanced feeling market.
We’ll see what the next few months bring to bear.
What questions do you have about the market? What are you curious about?
Interested in Learning More?
Jim Duncan has been helping buyers and sellers in Charlottesville’s neighborhoods for 25 years. Get local insight born of experience.
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