2018 has been a successful year for real estate. At the beginning of the year, rates were down and even while they have steadily increased into the fourth quarter, there is still plenty of play in the market. Needless to say, if you’re interested in buying or selling a home in Charlottesville, Virginia, you should be aware of the current trends.

Charlottesville Real Estate has been on a steady incline this year. There were more homes sold compared to the same time period from last year and the median sales price has increased by about $5,000.

But, there’s more to know about these trends than what they present on the surface. Keep reading for an in-depth look at the Charlottesville Real Estate Market. It could help you prepare for one of the biggest decisions of your life.

The Current Charlottesville Real Estate Market

Finding a realtor in VA isn’t the hard part. Finding the perfect home may not even be too difficult if you have an outlined set of preferences and a healthy budget. The tricky part is understanding what the market is doing so that you can buy or sell at exactly the right time.

Here are some things to consider about what’s happening in Charlottesville with relation to real estate, right now. We’ll also discuss what you can look forward to in the coming months.

Median Sales Price

The median sales price in Charlottesville has been steadily increasing throughout the year with a 16% year-over-year rise. In September of 2017, the average home price was around $290K. This year, the average home is selling for about $315K.

The price per square foot of homes has been fluctuating this year but overall has risen to about $185 per square foot.

There was a steep decline in median rent prices in February, but the average has evened out to about $1,700 per month for the latter part of the year.

Crime

Of course, crime is just as important as the numbers. Knowing about criminal activity in a prospective neighborhood can help keep you more aware of crime in the area. This is especially helpful when comparing neighborhoods or homes.

According to Trulia, the most frequent crimes in the past year that have occurred in or near Charlottesville include 1,115 counts of theft, 714 assaults and 477 counts of vandalism.

Schools

The amount of and quality of schools in a neighborhood can make or break a deal when buying a home. You want your children to have the best and safest education possible.

There are a total of 61 schools in Charlottesville including elementary, middle, and high school. Do your homework on the ratings of each school before you decide on a neighborhood that’s right for you.

Demographics

Looking at a Charlottesville map won’t tell you everything you need to know about the layout of the area. You should also be interested in the demographics to give you insights on your potential neighbors.

Charlottesville boasts a median household income of just under $56,000 annually. 56% of the population are homeowners and 46% are single. The median age is 36.

You will also find that 58% of adults living in Charlottesville are college educated.

Buyers

There is a high demand for real estate in Charlottesville for the last half of 2018. Homes are selling faster than they were just one year ago making for a competitive market. This is signaling positivity for the market but could be a hindrance for those looking to buy a home.

The key advice for buyers right now is to look for homes in the upper price ranges in existing neighborhoods. Homes in the lower price ranges are especially hot and the competition will be greater.

Sellers

With a high demand for homes in the Charlottesville real estate market this year, you can expect to sell your home relatively quickly. Inventory is low due to so many homes selling so fast. This means your home is one of only a few to choose from among buyers making it a competitive market where you can get what you’re asking for in terms of your selling price.

Construction Sales

New home sales have made up over 20% of all area sales for most of 2018. And, while prices were steadily increasing, they seem to be leveling off for the remainder of the year. This could be due to the fact that builders are now projecting 2019 delivery.

There has been a significant increase in sales for those homes priced around $500-700K. This may also be attributed to the builders’ status on new construction.

What this all boils down to is that you may have to wait a bit for new construction. If you’re in a hurry to find a home, you may be better off searching for an existing structure.

Charlottesville Real Estate Market Forecast for 2019

Charlottesville, VA real estate has had its ups and downs in 2018 and seems to be leveling off for the last quarter of the year. As for moving into 2019, you can expect much of the same including rising home prices.

Some experts are predicting that there may not be as many buyers at the start of the year so you’ll want to price your home accordingly. Now is the time to make any necessary repairs to make sure your home is sale ready.

Final Thoughts

Charlottesville Real Estate appears to be holding steady for the last half of 2018. If you’re a buyer looking for the perfect home, make sure to do your homework on the specifics of the neighborhood before signing a contract. If you’re a seller, you can expect about a four-month turn around before finding a buyer.

Keep in mind that rising interest rates will have an effect on the sales market for real estate over the coming months. There are still, however, plenty of people shopping for homes and there will always be inventory.

If you’re looking to buy or sell your home in Charlottesville, feel free to contact me with further questions. I currently serve your local realtor association on the Board of Directors panel and am happy to help you with your home sale or purchase.

Charlottesville didn’t get named “Joy Town” for nothing. Virginia’s treasure has lots to be joyful about.

Are you looking for a city with culture, history, and awesome food? What about outdoor space and fun for the whole family? Or, maybe you’re a student interested in the university.

No matter what you’re looking for, you’ll find it in Charlottesville. It has some of the happiest residents in America. Keep reading for 13 reasons to love living in Charlottesville, VA.

1. Active Lifestyle

Charlottesville has the pleasure of being at the base of the Blue Ridge Mountains. There are tons of hiking trails and kayak routes in the summer. In the winter, skiing and tubing become daily activities.

Visitors marvel at the views in Shenandoah National Park. Your lungs will thank you for all the clean, fresh air.

2. So Much Beer

Craft breweries are alive and well in Charlottesville. Consider spending a day on the Blue Ridge Trail self-guided brewery tour. You’ll hit all the best beer hotspots, like the Wild Wolf Brewery.

Most of the bars and restaurants in town serve local brews. No matter where you go, you’ll get to sample some of Virginia’s finest beers.

3. …And Wine

Wine enthusiasts won’t get left out, don’t worry! There are ample vineyards and winery tours available for anyone who enjoys the grape.

Check out The Monticello Wine Trail for over 30 miles of gorgeous vineyards. Sample as much as you like, and make sure you buy a bottle or two for home.

4. Fascinating History

Did you know that three US presidents came from Charlottesville, VA? Thomas Jefferson, James Madison, and James Monroe. The stories and tales of Charlottesville’s history are fascinating.

You can visit Thomas Jefferson’s home in Monticello. And, check out the many monuments throughout the city.

5. Student Life

The University of Virginia calls Charlottesville home, as do thousands of students. The influx of students every year adds a lively and fun atmosphere to the city.

Students enjoy the campus life full of pubs and restaurants. They walk the halls once walked by Jefferson, Edgar Allen Poe, and even Tina Fey.

U of V has a reputation for business degrees, economics, biology, and psychology. It employs exceptional professors and teachers. Students graduate with a pride in their school, and in its city.

6. Variety of Neighborhoods

Charlottesville has a very low crime rate. It’s the perfect place to raise a family, build your career, and retire in. The summers never got hotter than 75, but the winters can get quite chilly.

There are a variety of neighborhoods to suit your needs. North Downtown is full of activity and nightlife. Keswick and Pantops offer serene suburban homes and horse farms.

7. Orchard Fun

Who doesn’t love fresh homemade apple pie? It’s easy to come by in Charlottesville thanks to all the local orchards.

Each season, locals flood to the Carter Mountain Orchards for apple or peach picking. Living off the land is a common theme in this city, and orchard hopping is a big part of it.

8. Live Music

Music fanatics are living the dream in Charlottesville. Here you’ll find large venues with well-known headliners, and small venues with open mics.

For big names, head to the Pavilion or the Jefferson. For a cozier feel with less-known acts, stop by The Garage. You’re bound to discover the next big thing.

9. Growing Foodie Scene

Charlottesville’s culinary scene is alive and blooming. With so many farms nearby, many restaurants focus on eating locally. The idea of farm to table dining thrives in this city.

One of the best places to stop for a bite is Ace Biscuits & Barbecue. Patrons swoon over the fried chicken biscuit with sausage gravy.

10. Festivals and Events

There’s always something to celebrate in Charlottesville. The list of festivals that happen all year round is extensive. Here are a few:

• The Foxfield Races
• Virginia Wine Month
• First Night Virginia
• Virginia Oyster Month

You haven’t celebrated the 4th of July until you’ve done it in Charlottesville. There’s always something going on in this city!

11. The Downtown Mall

One of the most popular landmarks in Charlottesville is The Downtown Mall. Not only is the shopping exceptional, but it’s a beautiful area to explore.

This historical property has over 120 shops. With ample space for street performers, locals frequent this bustling attraction.

12. An Artist’s City

There are dozens of places for artists to explore and work on their trade. From painters to sculptors to filmmakers, the art scene in Charlottesville is awesome.

Create your own art at Muse Paintbar or The Glass Palette. Get lost in gorgeous galleries like the Fralin Museum of Art. And, catch some flicks at the Virginia Film Festival or the Heritage Theatre Festival.

Get your creative juices flowing when coming to Charlottesville.

13. Fun for Kids

Along with the ample nightlife in Charlottesville, there’s tons for young families to do. With so much nature and outdoor space, kids get to spend the whole year playing outside.

The IX Art Park is a fun place for families to see street performers and outdoor art. For kid-friendly learning, head over to the Virginia Discovery Museum. Later, watch a polo match at the Kings Family Vineyards.

Charlottesville has a strong reputation for having excellent schools. With a city so rich with history, kids get many chances to learn hands-on in their own hometown.

Want to Learn More About Living in Charlottesville, VA?

What’s not to love about living in Charlottesville, VA? It has something for everyone.

If you’re a young family looking to put down roots or a baby-boomer planning retirement, there’s a place for you here. Not to mention how great it is for college students to enjoy their education while feeling safe.

If you’re interested in learning more about buying a home in Charlottesville, check out the blog.

There’s no better time than now to buy Charlottesville VA real estate. Our beautiful architecture, perfect climate, and range of homes make Charlottesville a great place to live.

With great neighborhoods, a strong economy. solid values, and the proximity of UVA, Charlottesville is understandably in demand. People move here to make the most of their life.

What some people don’t know is that Charlotteville also has below average unemployment and is one of the fastest growing startup cities for investment.

If you love those cookie cutter communities where every home and office building looks the same, Charlottesville may not be for you. Our rich history combines architectural styles and a cultural feeling that locals and visitors love.

But the secret is getting out. Here are 7 reasons you don’t want to wait before moving to Charlottesville:

1. Outdoor Recreation

Many people don’t realize that we get to enjoy every season of the year in Charlottesville. As a result, we get the best for outdoor recreation options every day of the year.

In the winter, there is both alpine skiing and cross-country skiing close by. In the warmer months, jogging, running and bicycling are a staple of life in Charlottesville.

You may even see some of those folks bundled up and taking a jog on Christmas, Our winters are mild enough to keep people active and outdoors.

2. A Neighborhood for Every Style

Charlottesville isn’t just one big city. Charlottesville is a place made up of many different neighborhoods.

Each has a distinct look and feel. What’s great about the different neighborhoods in Charlottesville is they make us all feel a bit more at home.

If you have always dreamed of owning a farm or an estate home, Charlottesville has lots of options. But for all of our residents, we have great schools, great culture, and a rich history.

Whether you want to be close to shopping or on a rural estate, the Charlottesville area has a neighborhood for every style.

3. One of The Best Places To Live

Charlottesville real estate is so special because our city is one of the best places to live in the country. The New York Post listed Charlottesville as number 3 on their 15 best places to live.

Sounds a bit low to locals! We get the blend of 4 seasons without the bitter winters of the Northeast or the rough summers farther south.

But more importantly, we have it all. We are a great place to celebrate Christmas, have a wonderful college town, provide support for entrepreneurs, and wonderful value to retirees.

All of this diversity is part of the fabric of the Charlottesville community. When people move to Charlottesville they aren’t just investing in a new home.

They are investing in a new and rich community.

4. The Secret is Slipping Out

Witha great value, great prices, and beautiful homes available, the secret of Charlottesville couldn’t last very long. And thanks to publications like The New York Times, more and more people are buying in Charlottesville.

This makes it even more important to act now. Home sales are up 13% since last year at this time.

The good news is there are still wonderful homes for sale in Charlottesville VA. Charlottesville VA offers something for everyone which is adding to the surge in demand.

Young people who want a home in a town that is walkable and easy to navigate on a bike and retirees who alike are drawn to Charlottesville.

5. A Great Investment

Charlottesville isn’t just a great place to live. It’s also a great place to get the most for your real estate investment.

The market continues to be solid and shows no signs of slowing down. Sales are up and the median prices are rising.

But Charlottesville also has the benefit of UVA and the student population’s impact on our housing market. For many property owners, this means the ability to rent to a large population.

UVA also impacts Charlottesville with academic events, sporting events, and a cultural scene that rivals and great college town. And if you aren’t interested in maybe renting to the student population someday keep in mind the support staff.

Professors, teachers, and academics account for a large portion of Charlottesville and make fine tenants. Current rents hover around $1,500 per month.

6. A Healthy Choice

Charlottesville isn’t just inspiring academically. There is an atmosphere of healthy living and wellness in Charlottesville that is contagious.

With the walkability of the city, many enjoy a leisurely stroll around downtown. In addition, it is a great place to use your bike and leave your car at home.

You’ll notice and avid jogging community in Charlottesville. What could be more encouraging than the mild climate and community support of Charlottesville to promote overall wellness?

But that concern for healthy choices doesn’t end with personal care. Many in Charlottesville have a genuine concern for the environment, community, and sustainability.

The options for environmentally-friendly homes are part of why people move here. You can find a great value that is healthy for you and the environment in Charlottesville.

7. Great Culture and Great Shopping

Charlottesville’s Historic Downtown Mall is just one of any options for shopping. But while much of the country seems to be closing up shop and doing their purchasing online, the charm of Charlottesville remains.

We have great food and charming shopping opportunities. The time is now to come to enjoy Charlottesville.

The Best Service For Charlottesville VA Real Estate

There’s no question that now is the best time to buy real estate. Charlottesville VA real estate offers a great investment opportunity in a beautiful section of the world.

And Pam Dent is the real estate advisor who can best help you find the home of your dreams.

Pam Dent is passionate about real estate and Central Virginia. Whether you are searching for a home within walking distance of downtown Charlottesville or a horse country estate, Pam has the local knowledge to help you find the perfect property.

Pam Dent’s education and experience allow her to give expert assistance in negotiation, buying and selling, internet marketing, and more.

Don’t wait to move to Charlottesville! Contact Pam Dent today.

A Guide to Charlottesville Real Estate

So You Want To Sell Charlottesville Real Estate?

Charlottesville has many suitors saying beautiful things about the historic Virginian city. Charlottesville real estate is built within lovely scenery and landscapes. The authoritative Sperling’s Best Places has ranked the city as the best place to live in the United States. There are dozens of awards for you to check out here. In many ways, it embodies the best that Southern living has to offer.

Residents call it “C-Ville” or “Hoo-Ville”, making it a little difficult to tell that Charlottesville was named after a queen and the home of three presidents, plus tycoons, music stars, and world-famous writers.

And the future looks bright for the housing market. If you want to sell property in Charlottesville, Virginia, we’ve compiled answers to the most critical questions.

Don’t forget! We created a unique infographic for you at the bottom of the page. It’s a step-by-step guide to selling your home, no matter where you live!

The City of Charlottesville, Virgina

1. How is the city of Charlottesville a selling point?

No matter what your property looks like, if you’re trying to sell Charlottesville real estate, you have one massive plus on your side.The city of Charlottesville itself is a big selling point!

Charlottesville holds a lot of tradition. It continues its long-standing practice of raising organic crops and free-range livestock, plus locals are known for producing renowned wines. The city is a long-time academic enclave, and UVA maintains several study programs worthy of global attention.

Statistically, there is clear evidence this is a college town. 46% of residents are single, 48% rent, and the median age is 36, according to Trulia. Being a college town keeps the area youthful and full of new ideas. For a closer look at Charlottesville, check out their homepage. 

What does this mean for the Charlottesville real estate market? Many things. First, the stunning scenery and educational institutions ensure that people will want to live in Charlottesville for a long time. That’s another selling point for you!

Second, the number of college students means high turnover, especially for apartments. Before selling a house or apartment in Charlottesville, you may want to consider renting.

2. How does my property compare to the typical Charlottesville property?

The “average” property is a 2-3 bedroom, single family home worth about $300,000. Houses built between 1940 and 1969 make up an impressive 39% of the market, so it would be wise to understand how your home compares. Old homes usually have great character, but it’s a trade-off. They can also be temperamental and expensive to repair.

Potential buyers and renters looking for alternatives to a single-family home are in luck. Townhouses and apartment buildings cover almost 50% of the market. Residents are 59% renters. These higher-than-expected percentages likely come from the large number of students. The University of Virginia has over 20,000 students in a city of fewer than 50,000 people. It’s vital to understand how the student body influences selling Charlottesville real estate.

The University of Virgina campus adds both beauty and brains to Charlottesville.

Selling Property in the Charlottesville Real Estate Market

3. How has the housing market been recently?

“Recently” here means five years. Sellers should be aware of the median price over the last five years for Charlottesville homes. At the time of this writing, that number is $298,870, but you should also research many listed homes similar to yours. For numbers updated in real-time, check out this resource, which also includes the number of listed houses on the market. Pay attention to seasonal fluctuations in the Charlottesville housing market. As with stocks, there is a perfect time to sell!

If you would like to dig deeper into Charlottesville real estate market history, check out this resource from the U.S. Department of Housing and Urban Development.

4. How is the current Charlottesville real estate market?

We want you to have the most recent information available. Check out these market trends!

5. What about the future Charlottesville housing market?

Things also look bright. Standard measurements of a healthy forecast, like foreclosures, delinquent payments, inventory, and general affordability, all point to green pastures!

The number of foreclosures, delinquent mortgage payments, and negative equity properties in Charlottesville is lower than the national average. In the case of foreclosures, that number is four times lower than the national average at the time of this writing.

Hacks For Selling Charlottesville Real Estate

6. Where can I find a colorful infographic with the step-by-step process of selling a home?

Look no further!

7. Anything else I should know?

We like to provide clients with general advice for anyone entering the arena of real estate. Follow these guidelines to keep your head cool and money in your wallet:

• Slow it down! Those neighborhood signs have the right idea! Sellers who (1) take their time, (2) make significant final decisions after plenty of sleep, and (3) discuss their thinking process aloud with a trusted party are in the best position to come out on top.

• Stay emotionless. A great realtor will naturally help you with negotiations, but you’re the one in the driver’s seat. 

• Use a professional realtor. There are many good reasons why over 90% of housing sales involve a full-time realtor. Plus, that number is on the rise. Professional real estate agents make a significant difference. Conventional wisdom says that five years of experience is the minimum amount of time to produce a master real estate agent.

If you’d like to see what people are saying about me, Pam Dent, you can check out reviews and my credentials on Zillow’s impartial website.

Drop us a line if you’d like to speak with us!