As a REALTOR the question that I am asked most often is "what is happening in the real estate market"? This post will provide you with links to the October market reports for the areas around Charlottesville, Virginia.
When you are considering a purchase of a home, one of the necessary things to know is the real estate tax rate for that particular area. In the Central Virginia real estate market there are considerable differences in tax rates among the various counties that make up the region. For some purchasers these rates are still very low compared to the section of the country that they are relocating from. However, many purchasers will need to carefully consider the tax rate, because it may impact whether they can afford a particular home.
The following are the real estate tax rates for the Central Virginia area:
City of Charlottesville – $.95/$100 of assessed value
Albemarle County – $.71/$100 of assessed value
Louisa County – $.62/$100 of assessed value
Fluvanna County – $.48/$100 of assessed value
Greene County – $.72/$100 of assessed value
Orange County – $.47/$100 of assessed value
If you are considering a move to Central Virginia, I would be happy to talk with you about the different neighborhoods that make up the Central Virginia real estate market.
Click here if you would like to search the homes for sale in Central Virginia.
Albemarle County is located in the foot hills of the Blue Ridge Mountains. The county has a rich historical legacy featuring Ash Lawn-Highland the home of James Monroe and Monticello the home of Thomas Jefferson among others. There are many cultural and outdoor activities to choose from.
Charlottesville is an independent city surrounded by Albemarle County. The University of Virginia, which was founded by Thomas Jefferson is located there and is the largest employer. The city has been rated by many publications as one of the best places to live in the United States. The heart of downtown is the pedestrian mall which is the site of specialty shops and many restaurants, art galleries and outdoor cafes.
Fluvanna County located to the east of Albemarle is an area that is seeing rapid growth while keeping a rural feel. It includes the gated community of Lake Monticello which includes a large lake and golf course. The main town is historic Palmyra.
Louisa County is a largely rural, agricultural area with only 10% of its land currently developed. The Green Springs area sports scenic vistas of rolling hills in a historic preservation district. The town of Louisa, located 35 miles from Charlottesville and Mineral are the county’s two incorporated towns.
Greene County located to the north of Albemarle is still mostly agricultural, but has been seeing a lot of growth recently. The towns of Ruckersville and Standardsville are included.
Orange County is an area of farms and rolling countryside. Montpelier, the home of James Madison is a historic destination. The towns of Gordonsville and Orange are located in the county.
Nelson County which is bordered by the Blue Ridge Mountains contains part of the George Washington Forest and parts of the Appalachian Trail and Blue Ridge Parkway. The Wintergreen Resort, containg ski slopes and a golf course is located in the county and is a prime destination.
Buckingham County which is just across the James River from Albemarle is a rural area that is increasingly becoming known in the region by homebuyers looking for affordable property. The incorporated town of Dillwyn is located in the county.
If you are looking for real estate in Central Virginia, you have a lot of areas to choose from. There is sure to be a home in one that suits
The beautiful rolling hills of Central Virginia are the perfect setting for a country home. In June the majority of the activity in country homes in the area was in Albemarle County. For the purposes of this real estate market report a counrty home is a detached home with 3-20 acres.
In Albemarle County in June 18 country homes had contingent contracts priced from $129,000-$1,500,000.
14 homes had contracts pending priced from $179,900-2,500,000.
13 homes sold with an average sold price of $466,514 and a median price of $417,500. They were on the market for an average of 80 days.
158 homes are active listing between $139,900-3,499,000.
At the June rate of sale there is approximately 12.15 worth of inventory on the market.
In Fluvanna County in the month of June 6 homes had contingent contract priced from $259,900-$674-500.
2 homes had pending contracts priced at $225,000 and $437,500.
3 homes sole priced at $199,825 with 38 days on market, $365,000 with 77 days on market, and $400,000 with 42 days on market.
There are currently 64 active listings priced from $110,000-$1,200,000.
At the June rate of sales there is approximately 21.33 months of inventory on the market.
In Louisa County in the month of June 8 homes had pending contracts priced from $135,000-288,595.
5 homes had contingent contracts with list prices from $95,000-329,000.
4 homes sold with the following prices $146,500 and 73 days on market, $239,900 and 198 days on market, $336,500 and 41 days on market, and $600,000 and 61 days on market.
There are 75 active listings of country homes priced from $99,900-995,000.
At the June rate of sale there is approximatkely 18.75 months of inventory on the market
As you can tell from these figures there is a lot of inventory on the market and buyers are very much in the driver’s seat. It is a very good time to buy a country home.
For more information on the area real estate market and properties for sale please contact me.
Real Estate III
In my last post I talked about the June real estate market in the Charlottesville area mls regarding farms. Delving further into the available information it is apparent that the majority of the activity regarding farms and estates in the month of June was in Albemarle County.
Louisa County did not have any sales, or contingent or pending contracts for farms in the month of June. However there are also only 3 active listings for farms in Louisa County ranging in price from $478,000 -$3,200,000.
In Fluvanna County for the month of June there were also 0 sales and contingent farm contracts but there is 1 pending priced at $168,900. There are 3 farms listed actively for sale priced from $439,900-$650,000.
Compare this with Albemarle County with 2 pending, 4 contingent contracts, and 22 active farm listings. There were 2 farms sold in June in Albemarle, one for $4,800,000 after 189 days on the market and one at $7,800,000 after 315 days on the market.
From the available data we can see that the area farm sales are lagging behing the residential market. It is a very good time to buy a farm.
Please contact me for information on either the farm and estate or the residential market in the central Virginia area.
This information is from the area mls and is deemed correct but not guaranteed.