annual market report - realcentralva.com...charlottesville area real estate market. local the...
TRANSCRIPT
2017ANNUAL MARKETREPORTPresented by:
CharlottesvilleAn overview of how the Charlottesville real estate market performed in 2017.
3
WELCOME A Letter From the Broker 04
NEST REALTY’S 2017 YEAR IN REVIEW 05
CHARLOTTESVILLE METRO AREA MSA 06
CITY OF CHARLOTTESVILLE 08
ALBEMARLE COUNTY 10
CROZET 12
IVY 13
BARRACKS 14
EARLYSVILLE 15
KESWICK/EAST 16
RIO 17
SOUTHSIDE 18
29 NORTH 19
FLUVANNA 20
GREENE 21
NELSON 22
LOUISA 23
ESTATES AND FARMS 24
NEW CONSTRUCTION 26
TABLE OF CONTENTS
4
HELLO!Nest Realty is proud to present the 2017 Nest Annual Report. This yearly wrap-up is designed to provide a thorough analysis of the Charlottesville area real estate market. By synthesizing and calculating both historical and current sales data, we provide you a comprehensive look at the state of our local real estate market. Our goal at Nest is to equip our clients to make confident, informed decisions when the time comes. We hope you find this report a valuable tool whether you’re looking to sell your current home, buy a new home, or simply stay informed about the Charlottesville area real estate market.
LOCAL The Charlottesville area experienced a modest increase in total sales this past year compared to 2016. This marks the sixth straight year of sales growth for our market. Continuing the trend we experienced in 2016, on the whole, inventory levels declined significantly in 2017. Depressed inventory levels equated to a good year for sellers in our market. Across the region, average sales prices increased more than 8% compared to 2016, and on average, homes
sold 10-days faster in 2017 than in 2016. This is a testament to strong buyer demand in conjunction with low inventory levels. Moving into 2018, market conditions still strongly favor sellers as inventory levels are the lowest they’ve been in recent history. If inventory remains low, we will likely continue to see prices increase significantly.
TRENDSOverall, activity in our local market is consistent with the trends being witnessed at the national level. In terms of total sales growth, our market performed better than the national real estate market as our year-over-year sales growth was slightly above the national average. Declining inventory levels are still prevalent across the country as they have been for the past two years now. Depressed inventory levels are the primary factor leading to increasing prices throughout the nation. Buyer demand and confidence remains strong as sales levels are projected to reach an 11-year high despite depressed inventory levels.
OUR TEAM For the fifth year in a row, Nest Realty Charlottesville attained
the #1 market share in the entire MSA, Albemarle County, and the City of Charlottesville. We listed and sold more properties and helped more buyers purchase homes in 2017 than any other firm in the Charlottesville area. We welcomed two new Brokers to our team this past year and are excited to see our team continue to grow. Nest also continued to expand its reach throughout the region in 2017, opening new offices in Staunton and Richmond, Virginia as well as Durham and Charlotte, North Carolina. We are looking forward to another great year in 2018.
Keith DavisPrincipal Broker | Partner
AS YOU READ THIS REPORT LOOK FOR OUR TREND
INDICATORS
CHARLOTTESVILLE
TRENDING TRENDING
NEST REALTY’S 2017 IN REVIEW
NEW
NEW
NEW
NEW
THANKS FORTRUSTING USNEST IS THE NUMBER ONEFIRM IN OUR MARKETPLACEFOR 5 YEARS RUNNING!
$100M
$200M
$300M
$400M
$500M
2012
$147,500,000
2013
$298,500,000
2014
$320,000,000
2015
$373,000,000
2016
$418,000,000
2017
$477,000,000
9 YEARS OF CONTINUOUS GROWTHTHANKS TO YOUR SUPPORT, NEST REALTY HAS GROWN YEAR-OVER-YEAREVERY YEAR SINCE WE OPENED OUR DOORS.
HAPPY BIRTHDAY!IN 2018, NEST REALTY WILL CELEBRATE 10 YEARS OF SERVING CENTRAL VIRGINIA!
MORE THAN $21,000NESTERS DONATED MORE THAN$21,000TO THE UNIVERSITY OF VIRGINIACHILDREN’S HOSPITAL IN 2017.
$477,000,000 TOTAL SALES VOLUME FOR 2017CHARLOTTESVILLE OFFICE
NINELOCATIONS
NEW IN 2017 1,150IN 2017, NESTERS GUIDED
HAPPY CLIENTSSUCCESSFULLY TO CLOSING.
NEW IN 2017
NEW IN 2017
NEW IN 2017
NEST REALTY NOW SERVES CLIENTS IN NINE LOCATIONS THROUGHOUT VIRGINIA & NORTH CAROLINA
*Data as of 1/12/18
5
NEST REALTY’S 2017 IN REVIEW
NEW
NEW
NEW
NEW
THANKS FORTRUSTING USNEST IS THE NUMBER ONEFIRM IN OUR MARKETPLACEFOR 5 YEARS RUNNING!
$100M
$200M
$300M
$400M
$500M
2012
$147,500,000
2013
$298,500,000
2014
$320,000,000
2015
$373,000,000
2016
$418,000,000
2017
$477,000,000
9 YEARS OF CONTINUOUS GROWTHTHANKS TO YOUR SUPPORT, NEST REALTY HAS GROWN YEAR-OVER-YEAREVERY YEAR SINCE WE OPENED OUR DOORS.
HAPPY BIRTHDAY!IN 2018, NEST REALTY WILL CELEBRATE 10 YEARS OF SERVING CENTRAL VIRGINIA!
MORE THAN $21,000NESTERS DONATED MORE THAN$21,000TO THE UNIVERSITY OF VIRGINIACHILDREN’S HOSPITAL IN 2017.
$477,000,000 TOTAL SALES VOLUME FOR 2017CHARLOTTESVILLE OFFICE
NINELOCATIONS
NEW IN 2017 1,150IN 2017, NESTERS GUIDED
HAPPY CLIENTSSUCCESSFULLY TO CLOSING.
NEW IN 2017
NEW IN 2017
NEW IN 2017
NEST REALTY NOW SERVES CLIENTS IN NINE LOCATIONS THROUGHOUT VIRGINIA & NORTH CAROLINA
*Data as of 1/12/18
6 *The Charlottesville Area MSA consists of the City of Charlottesville, Albemarle, Fluvanna, Greene, Louisa, and Nelson counties. Data as of 1/9/18.
MSA 2015 % 2016 % 2017
Total Sales 3,282 7.07 3,514 5.41 3,704
Median Price $270,000 1.85 $275,000 7.27 295,000
Price per Sq. Ft. $150 -0.67 $149 8.05 $161
Days on Market 86 -10.47 77 -12.99 67
Avg. List Price $336,578 4.44 $351,523 8.04 $379,791
Avg. Sales Price $326,094 4.73 $341,534 8.20 $369,551
Months of Inventory 5.63 -20.96 4.45 -13.96 3.83
Total Inventory 1,533 -17.48 1,256 -12.82 1,095
Total Volume $1,070,243,700 12.14 $1,200,151,553 14.05 $1,368,816,603
Charlottesville Area MSAThe Charlottesville MSA is centered around the City of Charlottesville and includes the surrounding
counties of Albemarle, Fluvanna, Greene, Louisa, and Nelson. It is a historically and culturally rich area
offering both city living and room-to-roam in the shadows of the Blue Ridge Mountains.
7*The Charlottesville Area MSA consists of the City of Charlottesville, Albemarle, Fluvanna, Greene, Louisa, and Nelson counties. Data as of 1/9/18.
TOTAL SALES
3,800
3,600
3,400
3,200
3,000
2,800
20162013 2014 2015
3,514
2,940
3,062
3,282
2017
TRENDING
3,704
MEDIAN PRICE
$300,000
$280,000
$260,000
$240,000
$220,000
$200,000
20162013 2014 2015
$275,000$263,000 $264,950
$270,000
2017
TRENDING
$295,000
SALES BY PRICE POINT
2017
2016
2015
$0-199,999$200,000-399,999$400,000-599,999$600,000-799,999$800,000+
0% 25% 50% 75% 100%
30% 46% 15% 6% 3%
28% 46% 16%
24% 45% 19% 7% 5%
SALES BY TYPE
2,836 Single Family
581 Townhome
272 Condo
MONTHS OF INVENTORY
12
10
8
6
4
2
20162013 2014 2015
4.45
9.94 9.67
5.63
2017
TRENDING
3.83
TOTAL INVENTORY
2,500
2,000
1,500
1,000
500
0
20162013 2014 2015
1,256
1,968
2,273
1,533
2017
TRENDING
1,095
6% 4%
8
CHARLOTTESVILLE 2015 % 2016 % 2017
Total Sales 510 16.08 592 -6.76 552
Median Price $270,000 3.61 $279,750 7.51 $300,750
Price per Sq. Ft. $188 -0.53 $187 9.09 $204
Days on Market 63 -12.70 55 -34.55 36
Avg. List Price $318,116 5.69 $336,216 10.64 371,993
Avg. Sales Price $309,551 6.30 $329,063 10.88 364,877
Months of Inventory 3.42 -47.95 1.78 -30.09 1.24
Total Inventory 130 -38.46 80 -30.00 56
Total Volume $157,871,434 23.40 $194,805,526 3.39 $201,411,938
City of CharlottesvilleAt the heart of it all, the City of Charlottesville is the hub of Central Virginia —
restaurants, the arts and music scene, and UVA are all right here.
9
TOTAL SALES
580
560
540
520
500
480
20162013 2014 2015
592
506512 510
2017
TRENDING
552
MEDIAN PRICE
$300,000
$280,000
$260,000
$240,000
$220,000
$200,000
20162013 2014 2015
$279,750
$250,000$261,250
$270,000
2017
TRENDING
$300,750
SALES BY PRICE POINT
2017
2016
2015
$0-199,999$200,000-399,999$400,000-599,999$600,000-799,999$800,000+
0% 25% 50% 75% 100%
24% 57% 13% 4%2%
20% 57% 16%
SALES BY TYPE
398 Single Family
84 Townhome
70 Condo
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
1.78
4.04
6.77
3.42
2017
TRENDING
1.24
TOTAL INVENTORY
250
200
150
100
50
0
20162013 2014 2015
80
166
210
130
2017
TRENDING
56
5% 3%
17% 56% 17% 5% 5%
10
ALBEMARLE 2015 % 2016 % 2017
Total Sales 1,593 6.15 1,691 7.04 1,810
Median Price $325,000 3.69 $337,000 11.40 $375,405
Price per Sq. Ft. $158 0.63 $159 8.18 $172
Days on Market 74 -8.11 68 -11.76 60
Avg. List Price $406,342 5.46 $428,548 7.85 $462,178
Avg. Sales Price $394,789 5.42 $416,192 8.24 $450,495
Months of Inventory 5.26 -21.29 4.14 -5.76 3.90
Total Inventory 679 -20.18 542 -4.98 515
Total Volume $628,900,377 11.91 $703,780,120 15.86 $815,395,955
Albemarle CountySurrounding the City of Charlottesville, Albemarle County offers a wide range of housing
options to suit the needs of those who want to be in close proximity to downtown or
those in search of land, privacy, and picturesque mountain views.
11
TOTAL SALES
1,800
1,700
1,600
1,500
1,400
1,300
20162013 2014 2015
1,691
1,4231,468
1,593
2017
TRENDING
1,810
MEDIAN PRICE
$375,000
$350,000
$325,000
$300,000
$275,000
$250,000
20162013 2014 2015
$337,000
$319,500$325,000 $325,000
2017
TRENDING
$375,405
SALES BY PRICE POINT
2017
2016
2015
$0-199,999$200,000-399,999$400,000-599,999$600,000-799,999$800,000+
0% 25% 50% 75% 100%
20% 45% 20% 10% 5%
19% 42% 22%
SALES BY TYPE
1,204 Single Family
468 Townhome
134 Condo
MONTHS OF INVENTORY
12
10
8
6
4
2
20162013 2014 2015
4.14
9.388.71
5.26
2017
TRENDING
3.90
TOTAL INVENTORY
900
800
700
600
500
400
20162013 2014 2015
542
835
967
679
2017
TRENDING
515
10% 7%
14% 40% 26% 12% 8%
12
CROZET 2016 % 2017
Total Sales 279 12.19 313
Median Price $418,764 5.07 $440,000
Price per Sq. Ft. $172 3.49 $178
Days on Market 55 0.00 55
Avg. List Price $457,292 4.76 $479,050
Avg. Sales Price $454,213 4.13 $472,989
Months of Inventory 2.93 119.00 6.42
Total Volume $126,725,450 16.82 $148,045,600
CrozetLocated 12-miles west of Charlottesville, the village of Crozet features spectacular Blue
Ridge views, top-notch outdoor amenities, and a small-town feel. As a designated growth
area, it also features a large supply of our area’s new construction.
TOTAL SALES
320
300
280
260
240
220
20162013 2014 2015
279
256 255
285
2017
TRENDING
313
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
2.93
9.04 9.79
5.60
2017
TRENDING
6.42
MEDIAN PRICE
$450,000
$425,000
$400,000
$375,000
$350,000
$325,000
20162013 2014 2015
$418,764
$360,000 $364,300
$396,845
2017
TRENDING
$440,000
13
IVY 2016 % 2017
Total Sales 171 10.53 189
Median Price $625,000 5.60 $660,000
Price per Sq. Ft. $227 -1.76 $223
Days on Market 98 -22.45 76
Avg. List Price $854,393 -4.20 $818,500
Avg. Sales Price $804,097 -2.02 $787,831
Months of Inventory 4.83 -42.59 2.77
Total Volume $137,500,532 8.29 $148,900,016
IvySmack between the City of Charlottesville and the town of Crozet, the convenience and
beauty of Ivy is tough to beat. Ivy contains a mix of historic homes, farms and estates,
and established neighborhoods.
TOTAL SALES
220
200
180
160
140
120
20162013 2014 2015
171161
156160
2017
TRENDING
189
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
4.83
8.279.38
7.85
2017
TRENDING
2.77
MEDIAN PRICE
$700,000
$650,000
$600,000
$550,000
$500,000
$450,000
20162013 2014 2015
$625,000$620,000$640,000
$588,950
2017
TRENDING
$660,000
14
BARRACKS 2016 % 2017
Total Sales 159 -17.61 131
Median Price $195,000 47.18 $287,000
Price per Sq. Ft. $150 14.00 $171
Days on Market 66 -25.76 49
Avg. List Price $263,637 37.87 $363,470
Avg. Sales Price $257,691 38.46 $356,794
Months of Inventory 3.44 -12.79 3.00
Total Volume $40,972,824 14.08 $46,739,997
BarracksSteps from the Charlottesville City line, Barracks is a popular choice for UVA professors,
graduate students (law, business, and medical), or anyone looking to live close to the
city, but with lower county taxes.
TOTAL SALES
180
160
140
120
100
80
20162013 2014 2015
159
9098
115
2017
TRENDING
131
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
3.44
7.33
9.67
5.00
2017
TRENDING
3.00
MEDIAN PRICE
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
20162013 2014 2015
$195,000$176,450 $190,500 $191,000
2017
TRENDING
$287,000
15
EARLYSVILLE 2016 % 2017
Total Sales 79 6.33 84
Median Price $348,000 22.41 $426,000
Price per Sq. Ft. $148 22.30 $181
Days on Market 99 -26.26 73
Avg. List Price $424,620 12.50 $477,677
Avg. Sales Price $409,693 11.97 $458,744
Months of Inventory 3.50 61.90 5.67
Total Volume $32,365,779 19.06 $38,534,468
EarlysvilleEarlysville is known for its rolling hills and pastoral setting. In recent years, it has
gained in popularity due to nearby commercial growth along Route 29 in Northern
Albemarle County.
TOTAL SALES
100
90
80
70
60
50
20162013 2014 2015
7975
70 70
2017
TRENDING
84
MONTHS OF INVENTORY
12
10
8
6
4
2
20162013 2014 2015
3.50
9.4410.11
8.67
2017
TRENDING
5.67
MEDIAN PRICE
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
20162013 2014 2015
$348,000
$415,000 $405,000
$337,500
2017
TRENDING
$426,000
16
KESWICK/EAST 2016 % 2017
Total Sales 279 15.41 322
Median Price $389,900 14.18 $445,173
Price per Sq. Ft. $171 4.68 $179
Days on Market 78 0.00 78
Avg. List Price $505,167 3.52 $522,949
Avg. Sales Price $484,355 5.23 $509,704
Months of Inventory 4.89 37.01 6.70
Total Volume $135,137,078 21.45 $164,124,701
Keswick/EastKeswick is comprised of historic estates, horse farms, and acre-plus home sites. A bit closer in to
Charlottesville, Pantops offers a more suburban feel with more shopping, restaurants, and more
subdivisions than Keswick. Pantops also includes a large number of new construction homes.
TOTAL SALES
350
300
250
200
150
100
20162013 2014 2015
279
208237 225
2017
TRENDING
322
MONTHS OF INVENTORY
14
12
10
8
6
4
20162013 2014 2015
4.89
10.32
12.15
9.42
2017
TRENDING
6.70
MEDIAN PRICE
$440,000
$420,000
$400,000
$380,000
$360,000
$340,000
20162013 2014 2015
$389,900
$360,000
$390,000$380,000
2017
TRENDING
$445,173
17
RIO 2016 % 2017
Total Sales 176 3.41 182
Median Price $255,000 -4.12 $244,500
Price per Sq. Ft. $146 3.42 $151
Days on Market 72 -47.22 38
Avg. List Price $297,785 5.84 $315,168
Avg. Sales Price $294,329 6.22 $312,625
Months of Inventory 2.33 -14.16 2.00
Total Volume $51,801,942 9.84 $56,897,692
RioSituated on the northern edge of Charlottesville, the Rio district is a popular choice for
those looking for a suburban feel close to Downtown Charlottesville and major shopping
in Northern Albemarle. New construction abounds along the Rio Corridor.
TOTAL SALES
200
190
180
170
160
150
20162013 2014 2015
176
168
188
204
2017
TRENDING
182
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
2.33
6.21
7.91
4.76
2017
TRENDING
2.00
MEDIAN PRICE
$300,000
$280,000
$260,000
$240,000
$220,000
$200,000
20162013 2014 2015
$255,000
$295,000$287,000
$263,500
2017
TRENDING
$244,500
18
SOUTHSIDE 2016 % 2017
Total Sales 248 12.10 278
Median Price $280,000 2.68 $287,500
Price per Sq. Ft. $151 7.28 $162
Days on Market 68 2.94 70
Avg. List Price $340,940 19.86 $408,639
Avg. Sales Price $334,070 16.88 $390,466
Months of Inventory 4.50 0.93 4.54
Total Volume $82,849,304 31.02 $108,549,627
SouthsideJust off the southern edge of the Charlottesville City limits is the “Southside”, where
there are numerous neighborhoods and housing options convenient to Downtown
Charlottesville, UVA Grounds, and both of the area’s hospitals.
TOTAL SALES
300
280
260
240
220
200
20162013 2014 2015
248246 242
282
2017
TRENDING
278
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
4.50
7.85 7.88
5.98
2017
TRENDING
4.54
MEDIAN PRICE
$300,000
$290,000
$280,000
$270,000
$260,000
$250,000
20162013 2014 2015
$280,000
$265,000 $267,750
$278,950
2017
TRENDING
$287,500
FLAT
19
29 NORTH 2016 % 2017
Total Sales 298 3.36 308
Median Price $308,367 0.69 $310,508
Price per Sq. Ft. $143 2.80 $147
Days on Market 43 -2.33 42
Avg. List Price $326,722 3.34 $337,619
Avg. Sales Price $322,833 3.44 $333,944
Months of Inventory 3.21 -40.29 1.92
Total Volume $96,204,211 6.91 $102,854,854
29 NorthNorthern Albemarle offers a wide range of housing choices and easy access to the most extensive retail
and dining options in Albemarle County along Route 29 North. Newly widened roads make for faster traffic
flows through areas of current development all the way to the Albemarle-Greene County line.
TOTAL SALES
350
300
250
200
150
100
20162013 2014 2015
298
219 222252
2017
TRENDING
308
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
3.21
6.02
7.78
4.48
2017
TRENDING
1.92
MEDIAN PRICE
$320,000
$300,000
$280,000
$260,000
$240,000
$220,000
20162013 2014 2015
$308,367
$279,300
$307,500 $310,500
2017
TRENDING
$310,508
FLAT
20
FLUVANNA 2016 % 2017
Total Sales 428 14.25 489
Median Price $200,000 6.25 $212,500
Price per Sq. Ft. $111 9.01 $121
Days on Market 79 -11.39 70
Avg. List Price $232,888 7.34 $249,993
Avg. Sales Price $228,250 6.68 $243,486
Months of Inventory 4.29 -24.83 3.23
Total Volume $97,691,198 21.88 $119,064,536
FluvannaJust east of Albemarle County, Fluvanna is one of the fastest-growing counties in the
state, but it has managed to maintain a rural feel.
TOTAL SALES
550
500
450
400
350
300
20162013 2014 2015
428
350
405 410
2017
TRENDING
489
MONTHS OF INVENTORY
10
8
6
4
2
0
20162013 2014 2015
4.29
8.66 8.71
4.90
2017
TRENDING
3.23
MEDIAN PRICE
$210,000
$200,000
$190,000
$180,000
$170,000
$160,000
20162013 2014 2015
$200,000
$175,500
$187,500
$203,500
2017
TRENDING
$212,500
21
GREENE 2016 % 2017
Total Sales 266 0.75 268
Median Price $247,500 -0.81 $245,500
Price per Sq. Ft. $123 2.44 $126
Days on Market 87 -18.39 71
Avg. List Price $269,420 -1.00 $266,720
Avg. Sales Price $263,777 -1.14 $260,783
Months of Inventory 6.29 -53.03 2.95
Total Volume $70,164,625 -0.39 $69,889,779
GreeneLocated just off the northern edge of Albemarle County, Greene County residents enjoy
a relaxed and rural setting, bordered by the beautiful Blue Ridge Mountains.
TOTAL SALES
280
260
240
220
200
180
20162013 2014 2015
266
209
242253
2017
TRENDING
268
MONTHS OF INVENTORY
12
10
8
6
4
2
20162013 2014 2015
6.29
13.37
11.24
4.82
2017
TRENDING
2.95
MEDIAN PRICE
$260,000
$250,000
$240,000
$230,000
$220,000
$210,000
20162013 2014 2015
$247,500
$221,000$218,750
$225,000
2017
TRENDING
$245,500
FLAT FLAT
22
NELSON 2016 % 2017
Total Sales 218 13.30 247
Median Price $199,500 16.29 $232,000
Price per Sq. Ft. $133 8.27 $144
Days on Market 194 -8.25 178
Avg. List Price $256,742 19.43 $306,630
Avg. Sales Price $235,498 22.31 $288,037
Months of Inventory 10.60 66.18 17.62
Total Volume $51,338,589 38.58 $71,145,148
NelsonBest known for the Wintergreen Resort and its burgeoning list of breweries and
wineries, Nelson County is nestled in the Blue Ridge just southwest of Charlottesville.
Nelson also features plenty of green spaces and amazing outdoor activities.
TOTAL SALES
260
240
220
200
180
160
20162013 2014 2015
218
230
191
251
2017
TRENDING
247
MONTHS OF INVENTORY
50
40
30
20
10
0
20162013 2014 2015
10.60
36.11
18.5213.39
2017
TRENDING
17.62
MEDIAN PRICE
$260,000
$240,000
$220,000
$200,000
$180,000
$160,000
20162013 2014 2015
$199,500
$245,950$238,750
$199,900
2017
TRENDING
$232,000
23
LOUISA 2016 % 2017
Total Sales 319 5.96 338
Median Price $220,000 1.67 $223,680
Price per Sq. Ft. $121 8.26 $131
Days on Market 78 -10.26 70
Avg. List Price $264,025 7.03 $282,594
Avg. Sales Price $258,218 5.31 $271,921
Months of Inventory 3.90 -23.08 3.00
Total Volume $82,371,495 11.58 $91,909,247
LouisaThe majority of Louisa’s 517 square miles are either forested or agricultural. In recent years, the
business community has found Louisa to be a convenient, low cost, and attractive location. Interstate
64 makes Zion Crossroads and the town of Mineral an easy drive to Charlottesville and Richmond.
TOTAL SALES
350
300
250
200
150
100
20162013 2014 2015
319
222244
265
2017
TRENDING
338
MONTHS OF INVENTORY
12
10
8
6
4
2
20162013 2014 2015
3.90
12.92
8.04 7.89
2017
TRENDING
3.00
MEDIAN PRICE
$240,000
$220,000
$200,000
$180,000
$160,000
$140,000
20162013 2014 2015
$220,000
$181,950 $179,750
$209,000
2017
TRENDING
$223,680
24
TOTAL NUMBER OF SALES
CHARLOTTESVILLE
ALBEMARLE
SURROUNDING COUNTIES*
*Includes the counties of Fluvanna, Greene, Louisa,
Madison, Nelson, and Orange
$800,000-999,999
$1,000,000-1,499,999
$1,500,000+
$800,000-999,999
$1,000,000-1,499,999
$1,500,000+
$800,000-999,999
$1,000,000-1,499,999
$1,500,000+
Estates and Farms
2015 % 2016 % 2017
8 -12.50 7 71.43 12
2 200.00 6 50.00 9
2 0.00 2 200.00 6
31 87.10 58 32.76 77
35 -8.57 32 65.63 53
18 33.33 24 -8.33 22
3 100.00 6 66.67 10
4 -25.00 3 33.33 4
5 20.00 6 0.00 6
TOTAL VOLUME OF SALES
CHARLOTTESVILLE
ALBEMARLE
SURROUNDING COUNTIES*
*Includes the counties of Fluvanna, Greene, Louisa,
Madison, Nelson, and Orange
$800,000-999,999
$1,000,000-1,499,999
$1,500,000+
$800,000-999,999
$1,000,000-1,499,999
$1,500,000+
$800,000-999,999
$1,000,000-1,499,999
$1,500,000+
2015 % 2016 % 2017
$6,963,000 -10.05 $6,263,000 69.66 $10,625,705
$2,488,000 196.83 $7,385,150 42.65 $10,534,744
$3,199,000 18.73 $3,798,112 240.88 $12,947,000
$26,820,646 87.20 $50,208,617 34.85 $67,706,143
$42,054,499 -8.41 $38,518,161 63.95 $63,150,351
$43,190,500 43.74 $62,081,199 -10.47 $55,580,632
$2,594,000 110.68 $5,465,000 57.09 $8,585,000
$5,190,000 -38.82 $3,175,000 50.87 $4,790,000
$11,893,000 6.20 $12,630,000 38.68 $17,515,000
The countryside of the greater Charlottesville area is home to numerous estates, farms, and
also provides opportunities for homebuyers to purchase larger plots of land for homebuilding.
25
2017 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
5-24.99 Acres 126 50 17 55 23 26 26
25+ Acres 37 8 5 5 6 13 6
COUNTRY PROPERTY SALES
2016 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
5-24.99 Acres 116 35 17 41 16 27 20
25+ Acres 28 6 6 7 10 6 8
2017 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
5-24.99 Acres $571,899 $255,000 $345,000 $220,000 $227,732 $287,500 $329,000
25+ Acres $1,065,000 $722,500 $730,000 $750,000 $562,000 $667,000 $707,500
COUNTRY PROPERTY MEDIAN PRICE
2016 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
5-24.99 Acres $491,050 $292,000 $350,000 $240,000 $303,150 $259,900 $337,500
25+ Acres $805,000 $553,000 $468,000 $515,000 $645,000 $195,000 $592,000
2017 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
0-4.99 Acres 47 40 30 39 10 36 6
5-24.99 Acres 48 23 11 22 12 22 11
25+ Acres 24 13 3 6 11 18 3
LAND SALES
2016 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
0-4.99 Acres 66 58 21 51 3 26 5
5-24.99 Acres 43 11 6 11 6 22 5
25+ Acres 21 9 3 5 14 15 3
2017 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
0-4.99 Acres $120,500 $27,000 $40,950 $25,000 $67,750 $30,000 $38,866
5-24.99 Acres $162,000 $56,000 $59,900 $57,500 $140,608 $55,000 $47,000
25+ Acres $537,500 $170,000 $312,000 $208,000 $225,000 $190,000 $83,000
LAND MEDIAN PRICE
2016 ALBEMARLE FLUVANNA GREENE LOUISA MADISON NELSON ORANGE
0-4.99 Acres $145,000 $30,000 $22,500 $29,000 $33,000 $46,450 $28,400
5-24.99 Acres $16,000 $72,000 $93,750 $50,000 $96,000 $65,000 $47,000
25+ Acres $375,000 $165,000 $333,000 $667,548 $346,250 $233,614 $99,900
26
NEW CONSTRUCTION 2015 % 2016 % 2017
Total Sales 487 9.03 531 18.83 631
Contracts Written 467 22.70 573 29.32 741
Median Price $385,000 7.76 $414,859 7.31 $445,203
Price per Sq. Ft. $161 4.97 $169 4.73 $177
Avg. Sales Price $434,526 6.10 $461,043 5.62 $486,972
Total Volume $211,614,162 15.69 $244,813,799 25.52 $307,279,164
New ConstructionThe greater Charlottesville area offers a variety of new construction opportunities
including single family homes, townhomes, and attached villas. New construction is
concentrated heavily in Crozet, Pantops, and 29 North.
27
MEDIAN PRICE
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
20162013 2014 2015
$414,859
$339,764
$373,522$385,000
2017
TRENDING
$445,203
TOTAL SALES
20162013 2014 2015
531
420469 487
2017
TRENDING
631
BY AREA TOTAL SALES
Albemarle 438
City of Charlottesville 47
Fluvanna 42
Greene 33
Louisa 69
Nelson 2
800
700
600
500
400
300
SALES BY TYPE
430 Single Family
187 Attached
CONTRACTS WRITTEN
800
700
600
500
400
300
20162013 2014 2015
531
435480
467
2017
TRENDING
741
TOTAL VOLUME
$350M
$300M
$250M
$200M
$150M
$100M
20162013 2014 2015
$244,813,799
$163,008,303$200,111,982 $211,614,162
2017
TRENDING
$307,279,164
28NESTREALTY.COM
DID YOU KNOW?5,100
There were more than 5,100 new listings in the Charlottesville MSA in
2017.
2,510The average size of a single
family detached home sold in the Charlottesville MSA in 2017
was 2,510 square feet.
17%New construction accounted
for approximately 17% of the homes sold in the
Charlottesville MSA in 2017.