Charlottesville's Real Estate Blog. Buyer &/or Seller Representation, Real Estate News
The Headlines say that “rates have dropped,” and that tends to elicit hope and reactions from my clients — “rates dropped, right?” Well, yes, and yes, here’s the context that matters.
We’ve been in a transitional market since I started practicing real estate in 2001. No market is the same as the preceding year’s market. In the past four years, we have seen a massive increase in home prices in Charlottesville and Albemarle, interest rates go from the 3s to the 7s and now in the 6s.
What is happening *now* in the Charlottesville and Albemarle real estate markets?
Finally in 2024, real estate commissions are now divorced/decoupled.
Jim Duncan & Greg Slater w/ Nest Realty in Charlottesville & Crozet talk about the real estate market, rates, new construction, 2025 predictions
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.
Developers think and plan long-term. Howeowners and neighborhoods can too.