Charlottesville Real Estate: A Buyer’s Guide

Charlottesville Real Estate: A Buyer’s Guide

Charlottesville Real Estate

Charlottesville has been ranked the third best place to live nationwide by the NY Post, among the best places to retire by Liveability, and among the best college towns by College Rank. It has also gained recognition as an excellent place for foodies, entrepreneurs, Christmas lovers, and mountain lovers. There are more awards and recognitions to check out here. All in all, buying a Charlottesville home means finding an exceptional place to live. Plus, the Charlottesville real estate market is healthy!

Affectionately called “C-Ville” or “Hoo-ville” by locals, this mid-size city was named after a queen and the home of three presidents, as well as billionaires, rock stars, and world-leading artists. Anyone planning to buy Charlottesville real estate will be in great historical company.

Currently, residents are part of a vibrant community and an important thread in the fabric of American culture. Just as positively, the future looks bright for the housing market. If you are considering relocating to or within Charlottesville, Virginia, we’ve compiled answers to the most important questions.

Locals call the city of Charlottesville "Hooville" or "Cville"
Downtown Charlottesville, Virgina is so charming!

Head’s Up! We created a helpful infographic for you at the bottom of the page.

The City of Charlottesville, Virgina

 

1. What’s Charlottesville like, really?

People of all ages flock to Charlottesville for numerous reasons. Chief among them are the outstanding education, refined Southern charm, and scenic setting near the Blue Ridge Mountains.

The region sticks to tradition and continues its time-honored trades of raising organic crops and free-range livestock, in addition to producing renowned wines. It’s 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. This keeps the area youthful and full of new ideas. For a closer look at Charlottesville, check out their homepage

Sunset in Charlottesville
Sunset in Charlottesville

 

2. What is the average Charlottesville home like?

As you might expect, the “typical” property is a 2-3 bedroom, single family home worth close to $300,000. A unique characteristic of Charlottesville homes is their age. Houses built since 2000 comprise only 10% of the housing market. On the other hand, houses built between 1940 and 1969 make up an impressive 39% of the market.

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.

This Charlottesville Property is Brick Building at UVA.
The University of Virgina campus adds both beauty and brains to Charlottesville.

Buying Property in the Charlottesville Real Estate Market

 

3. How has the housing market been in the past?

Over the past five years, metrics like appreciation rates and price per sq footage have been on the rise. These numbers indicate a healthy market. Appreciation on housing value is good, ensuring that your investment becomes more valuable as inflation and other negative factors rise.

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.

Monticello, Virginia is a historical Virginia property with a vegetable garden.
Monticello is one of many things to do in Charlottesville.

4. How is the current Charlottesville real estate market?

One of the great things about moving to a college town is the availability of rental properties. You may prefer to buy a house in the long run, but moving to a new city and then moving again six months later is a real hassle. The best method is to rent a house or apartment for six months while a professional realtor helps you find the perfect fit.

Fortunately, the high percentage of rental properties plus the heavy turnover each year creates a setting where you can easily enter the market as a renter. Even if you have very specific criteria for your residential area or neighborhood, there should be healthy options to match your budget and wishlist.

For an excellent, regularly updated resource on the current housing market, check out these market trends.

Renting or Buying Charlottesville Homes in Charlottesville, VA means beautiful facades.
Charlottesville is a wonderful place to live year-round.

5. How does the Charlottesville housing market look for the future?

In a word, solid. Of course, no one really knows what direction the market will take until it happens. Common indicators of a healthy forecast, like foreclosures, delinquent payments, inventory, and general affordability, all point in the same direction: up.

The number of foreclosures, delinquent mortgage payments, and negative equity properties in Charlottesville are lower than the national average. In the case of foreclosures, that number is 4 times lower than the national average at the time of this writing.

Buying or renting charlottesville property means paperwork.
Sign A Contract on a Charlottesville, VA Home!

Hacks For Buying Charlottesville Real Estate

 

6. Where can I find a colorful infographic with need-to-know information about Charlottesville?

Right here. We even included a bunch of local tips and secrets. If you’re moving into Charlottesville from out of town, you’ll be ready to impress your neighbors!

7. What else should I know?

If you want to ensure you make an excellent decision and guard your investment on your Charlottesville home, follow these guidelines:

  • Slow down! Potential buyers who take their time, always “sleep on it”, and discuss their decision making process out loud simply make better investments.
  • Avoid overbuying. That means don’t buy more house than you can handle OR will be able to handle should unfortunate circumstances come along.
  • Stay emotionless. We understand the search for a new home is exciting. Enjoy that! However, moderation is still key. When you walk in a house, get swept off your feet, and swear off all other options, you place yourself at a serious disadvantage. Keep your options and rationality open.
  • Use a professional realtor. Over 90% of housing sales involve a full-time realtor for good reason. They get results and minimize headaches. Conventional wisdom among experts says you should hire a professional with at least 5 years of experience.

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

Take your new keys to a Charlottesville apartment.
We’d love to put keys in your hand!

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