Charlottesville, VA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Charlottesville Neighborhoods Since 2000




Charlottesville, VA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Charlottesville Housing Market Information

With a population of 46,597, 17,752 total housing units (homes and apartments), and a median house value of $302,361, Charlottesville real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Charlottesville, accounting for 51.50% of the city's housing units. Other types of housing that are prevalent in Charlottesville include large apartment complexes or high rise apartments ( 25.86%), duplexes, homes converted to apartments or other small apartment buildings ( 11.82%), and a few row houses and other attached homes ( 9.89%).

People in Charlottesville primarily live in small (one, two or no bedroom) single-family detached homes. Charlottesville has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Charlottesville's housing was primarily built during this period, from the '40s through the '60s. A full 38.60% of the city's housing hails from this era. Other housing ages represented in Charlottesville include homes built between 1970-1999 ( 33.16%) and housing constructed before 1939 ( 17.38%). There's also some housing in Charlottesville built between 2000 and later ( 10.86%).

Vacant housing appears to be an issue in Charlottesville. Fully 10.73% of the housing stock is classified as vacant. Left unchecked, vacant Charlottesville homes and apartments can be a drag on the real estate market, holding Charlottesville real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Charlottesville Home Appreciation Rates

Appreciation rates for homes in Charlottesville have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.13%, which ranks in the top 50% nationwide. This equates to an annual average Charlottesville house appreciation rate of 0.41%.

NeighborhoodScout's data show that during the latest twelve months, Charlottesville's appreciation rate, at 3.84%, has been at or slightly above the national average. In the latest quarter, Charlottesville's appreciation rate has been -0.32%, which annualizes to a rate of -1.27%.

Relative to Virginia, our data show that Charlottesville's latest annual appreciation rate is higher than 70% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Charlottesville differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Charlottesville - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Charlottesville real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$302,361

Charlottesville, VA HOME PRICES

Value Range
> $1,110,000 2.1
$833,001 - $1,110,000 4.2
$555,001 - $833,000 6.7
$444,001 - $555,000 7.4
$333,001 - $444,000 21.9
$222,001 - $333,000 30.6
$111,001 - $222,000 22.4
$55,001 - $111,000 1.5
$0 - $55,000 3.3

Very High for VA
Very High for Nation

Value Relative to Nation Value Relative to State
16.1256299074183 19.6675900277008

Number Of Homes And Apartments:
17,752

Charlottesville Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
87.21% 3.70% 10 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,404 / per month

Homeownership Rate

Homeownership
Owners 40.99
Renters 59.01
Vacant 10.73

Housing Market Details

 

Age of Homes

AGE OF Charlottesville HOMES
2000 or Newer 10.9
1970 - 1999 33.2
1940 - 1969 38.6
1939 or Older 17.4

Types of Homes

TYPE OF Charlottesville HOMES
Single-Family 51.5
Townhomes 9.9
Small Apt. Buildings 11.8
Apt. Complexes 25.9
Mobile Homes 0.9
Other 0.1

Home Size

SIZE OF Charlottesville HOMES
No Bedroom 2.44
1 Bedroom 14.81
2 Bedrooms 30.98
3 Bedrooms 33.40
4 Bedrooms 14.82
5 or more bedrooms 3.54