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.