{"id":98565,"date":"2025-02-20T03:02:46","date_gmt":"2025-02-20T03:02:46","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/2024-charlottesville-real-estate-market-nearly-a-wrap\/"},"modified":"2025-02-20T03:02:46","modified_gmt":"2025-02-20T03:02:46","slug":"2024-charlottesville-real-estate-market-nearly-a-wrap","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=98565","title":{"rendered":"2024 Charlottesville Real Estate Market &#8211; Nearly a Wrap"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<div class=\"wpb_wrapper\">\n<h2 style=\"text-align: left;\">Analysis, Predictions, Hopes<\/h2>\n<ul>\n<li>Holy cow, that median price increase in Charlottesville+ Albemarle from 2019 to 2023!\u00a0 I asked two friends to check those numbers to make sure I didn\u2019t make a mistake. $369K to $499K is bonkers. $369K in 2019 to $532K in 2024. Wow.<\/li>\n<li>This year started fast and slowed as rates ticked up.<\/li>\n<li>Buyers\u2019 anchors with respect to interest rates are starting to shift \u2014 their anchors are more in the 6% \u2013 7% range rather than 4% to 5%. The <a href=\"https:\/\/www.realtor.com\/news\/trends\/majority-americans-still-feel-locked-in-by-mortgage-rates\/\" rel=\"\">lock-in effect may be starting to ease<\/a>.<\/li>\n<li>I\u2019m seeing more inventory coming to market, and conversations with other agents makes me think that Spring could be a busy one.<\/li>\n<\/ul>\n<h3><strong>Predictions<\/strong><\/h3>\n<p>I don\u2019t know. I have said and written that sentence countless times in my life and career. 2025 is <a href=\"https:\/\/bsky.app\/profile\/ianbassin.bsky.social\/post\/3lcbg5zqn3s2e\" rel=\"\">the year for which we are unprepared<\/a> and no one knows what will happen.<\/p>\n<p><a href=\"https:\/\/bsky.app\/profile\/jimduncan.bsky.social\/post\/3lbtr7qcdic2t\" rel=\"\">At the end of the day, I want to believe that the real estate market in Charlottesville will be fine.<\/a> <strong>People need shelter<\/strong>. I suspect the next months and years may be hard. Tariffs, chaos, and uncertainty make for a challenging environment. I\u2019d like to think we\u2019ve got this.<\/p>\n<h3><strong>That preface aside, predictions:<\/strong><\/h3>\n<ul>\n<li>The resale market prices and volume will be helped by the increasing prices of the new construction market.<\/li>\n<li>People will continue to want to move to the Charlottesville area, whether for jobs, semi- or full-retirement (read: grandkids), or as a destination for work from home. <em>See: <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/research-reports\/migration-trends\" rel=\"\">Migration trends.<\/a><\/em><\/li>\n<li>The government\/intelligence and UVA sectors should be fine (\u201cshould\u201d carries a lot of weight here).<\/li>\n<li>The first-time homebuyer market will be hard.<\/li>\n<li>Volume: about the same as this year.<\/li>\n<li>Prices: between 3% and 5% increase.<\/li>\n<li>Interest rates: between 7% and 8%.<\/li>\n<li>We will have more sellers next year than we have had this year.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\">\n<picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 424w, https:\/\/substackcdn.com\/image\/fetch\/w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 848w, https:\/\/substackcdn.com\/image\/fetch\/w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 1456w\" type=\"image\/webp\" sizes=\"100vw\"\/><img loading=\"lazy\" data-recalc-dims=\"1\" decoding=\"async\" class=\"sizing-normal alignnone\" src=\"https:\/\/i0.wp.com\/substackcdn.com\/image\/fetch\/w_1456%2Cc_limit%2Cf_auto%2Cq_auto%3Agood%2Cfl_progressive%3Asteep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png?resize=710%2C717&amp;ssl=1\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 424w, https:\/\/substackcdn.com\/image\/fetch\/w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 848w, https:\/\/substackcdn.com\/image\/fetch\/w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png 1456w\" alt=\"\" width=\"710\" height=\"717\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/fcdfdb84-aded-4d5b-976e-9290ebfc6018_1240x1252.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1252,&quot;width&quot;:1240,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:122182,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false}\"\/><\/picture>\n<\/div>\n<\/figure>\n<\/div>\n<p>\u00a0<\/p>\n<p><strong>Hopes:<\/strong><\/p>\n<ul>\n<li>More density in the City of Charlottesville.More transportation, land use, housing planning, and collaboration by UVA, Charlottesville City, and Albemarle County.<\/li>\n<li>Fewer, and more competent Realtors; this career is <em><strong><a href=\"https:\/\/www.realcentralva.com\/2024\/11\/21\/changes-and-owning-mistakes-in-real-estate\/\" rel=\"\">hard<\/a><\/strong><\/em>. and fulfilling. See: <em><a href=\"https:\/\/www.realcentralva.com\/2013\/10\/28\/walking-a-mile-in-my-shoes-as-a-real-estate-agent\/\" rel=\"\">Walk a mile in my real estate agent shoes, from 2013<\/a><\/em>.<\/li>\n<li>Interest rates: between 5.75% and 6.5%.<\/li>\n<li>More people communicate with their local representatives about issues, rather than waiting until the last minute to learn about things affecting their backyards.<\/li>\n<li><strong>For people to be nicer to each other, recognize that we are in this together, and that harming others does not mean success.<\/strong>\n<\/li>\n<\/ul><\/div>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Analysis, Predictions, Hopes Holy cow, that median price increase in Charlottesville+ Albemarle from 2019 to 2023!\u00a0 I asked two friends to check those numbers to make sure I didn\u2019t make a mistake. $369K to $499K is bonkers. $369K in 2019 to $532K in 2024. Wow. This year started fast and slowed as rates ticked up. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":98566,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[27059,4856,11209,482,2565],"dealstore":[],"offerexpiration":[],"class_list":["post-98565","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-charlottesville","tag-estate","tag-market","tag-real","tag-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>2024 Charlottesville Real Estate Market - Nearly a Wrap - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=98565\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2024 Charlottesville Real Estate Market - Nearly a Wrap - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"Analysis, Predictions, Hopes Holy cow, that median price increase in Charlottesville+ Albemarle from 2019 to 2023!\u00a0 I asked two friends to check those numbers to make sure I didn\u2019t make a mistake. $369K to $499K is bonkers. $369K in 2019 to $532K in 2024. 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