I’m a bit behind in getting out these anecdotal accounts of property transactions in the area. There’s no time like the present to get to work, so here we are with an analysis-free version for March. As with the past 26 months, I’m interested in finding out how current sales relate to 2022 and 2023 assessments. There were double-digit increases in average assessment both years, and it’s not too early to thinking about what they may be for 2024.
I also do this work to try to understand what mechanisms are used to keep houses built to be affordable stay affordable. Take a look at March 9 to see some of this and to see how rising assessments push up the cost of keeping things below-market. There’s also a transaction from March worth noting.
There are also examples of properties selling well over assessment as shown in transactions from March 22 and March 23. Inventory is low, and those with the means will pay higher prices to get what they want.
These transactions took place during the first quarter of the year, which was the slowest in seven years according to analysis from the Charlottesville Area Association of Realtors. They also took place while the city of Charlottesville continues to roll out sections of the future zoning code which is intended to increase allowable residential density.
Because of that, I also wonder if this will lead to more investments such as one depicted from March 27.
Paid subscribers on Substack get an advance preview before these summaries are added to the archive site Information Charlottesville. I find having this archive to be incredibly useful as the real estate market continues to operate. If you’re not a subscriber yet, please consider doing so I can keep on going and implement plans to hire people to help build what I’ve started.
March 1, 2023
- A four bedroom house on Holly Road in the Greenbrier neighborhood sold for $425,000. That’s 4.22 percent over the 2022 assessment of $407,800 and 5.11 percent below the 2023 assessment of $447,900. (Residential-A, 0.275 acres)
- A four bedroom house in the 100 block of Stribling Avenue in the Fry’s Spring neighborhood sold for $427,000. For this one I’ll list the last three years of assessments.
- 2021 assessment is $499,400 (14.5 percent below)
- 2022 assessment is $556,500 (23.27 percent below)
- 2023 assessment is $649,500 (34.26 percent below)
March 2, 2023
- A two bedroom house in the 900 block of Page Street sold for $140,000. That’s 18.89 percent below the 2023 assessment of $172,600. (Residential-A, Sensitive Communities, 0.073 acres)
- A 624 square foot one-bedroom unit in the Cedars apartment complex sold for $110,000. That’s 7.87 percent below the 2022 assessment of $119,400 and 21.26 percent below the 2023 assessment of $139,700. (Node Mixed Use 5, N/A)
- A five bedroom house built in 1920 in the 1200 block of Poplar Street in the Martha Jefferson neighborhood sold for $685,000. That’s 16.46 percent above the 2023 assessment of $588,200. (Residential-A, 0.2 acres)
March 6, 2023
- A two bedroom house built in 1953 on Coleman Street in the Locust Grove neighborhood sold for $385,000. That’s 30.91 percent over the 2022 assessment of $294,100 and 7.09 percent over the 2023 assessment of $359,500. (Residential-A, 0.23 acres)
March 8, 2023
- A 407 square foot studio apartment in the complex at 1800 Jefferson Park Avenue sold for $170,000. That’s 5.85 percent above the 2022 assessment of $160,600 and 3.02 percent below the 2023 assessment of $175,300. (Corridor Mixed Use 5, N/A)
March 9, 2023
- A four bedroom house built in 1952 in the 1400 block of Oxford Street sold for $630,000. That’s 11.82 percent over the 2023 assessment of $563,400. The 2022 assessment is $496,300. (Residential-B, 0.19 acres)
- A two bedroom house in the 200 block of 9th Street NW in the 10th and Page neighborhood sold for $375,000. That is the exact amount of the 2023 assessment. (Residential-A, Sensitive Communities, 0.238 acres)
- Habitat for Humanity of Greater Charlottesville holds a right of first refusal for all of the homes they build in the community. In 2015, they purchased a home on Burnet Street that had just been built by Southern Development. They sold this home to a family in July 2016 for $219,900. When that family sold the house in January 2022, Habitat paid $345,000 to reacquire the five-bedroom unit.
On this date of March 9, Piedmont Housing Alliance purchased the unit from Habitat at $336,000. That’s 2.69 percent below the 2023 assessment of $345,300.
On this same day, PHA sold the house to a new family for $356,748. That’s 3.32 percent above the 2023 assessment.
March 14, 2023
- A three bedroom house on Field Road in the Venable neighborhood sold for an even $1,000,000. That’s 1.87 percent over the 2022 assessment of $981,600 and 9.57 percent below the 2023 assessment of $1,105,800. (Residential-A, 0.402 acres)
March 15, 2023
- A three bedroom townhouse built in 2009 on Quarry Road sold for $435,000. That’s 16.72 percent over the 2022 assessment of $372,700 and 6.7 percent over the 2023 assessment of $407,700. (Residential-C, 0.043 acres)
- A three bedroom house built in 1995 on Riverside Avenue in the Woolen Mills neighborhood sold for $241,500. That’s 13.27 percent over the 2023 assessment of $213,200. (Residential-A, 0.101 acres)
- A three bedroom house on Rutledge Avenue in the Barracks / Rugby neighborhood sold for $460,000. That’s 2.5 percent above the 2022 assessment of $448,800 and 10.03 percent below the 2023 assessment of $511,300. (Residential-A, 0.23 acres)
March 16, 2023
- A three story house in the 1300 block of Rose Hill Drive sold for $653,467. That’s 64.52 percent over the 2023 assessment of $397,200. The firm Daddy Rabbit LLC had purchased this home in August 2022 for $332,500. That year the assessment was $454,200. (Residential-B, 0.29 acres)
March 20, 2023
- A five bedroom house in the 1300 block of King Street sold for $439,000. That’s 2.55 percent over the 2023 assessment of $428,100 and 28.29 percent over the 2022 assessment of $342,200. This house and one next door had been purchased by Cardinal Ventures in July 2022. (Residential-A, 0.174 acres)
March 21, 2023
- A two bedroom house on Fairway Avenue in the Woolen Mills neighborhood sold for $312,000. That’s 20.33 percent below the 2023 assessment of $391,600. (Residential-A, 0.187 acres)
- A firm called Van Der Linde Housing purchased 1008 Sheridan Avenue for $350,000. That’s 19.41 percent over the 2023 assessment of $293,100. (Residential-A, 0.179 acres)
- A three bedroom house built in 1960 on Jamestown Drive in the Greenbrier neighborhood sold for $832,000. That’s 7.74 percent above the 2023 assessment of $772,200. (Residential-A, 0.45 acres)
March 22, 2023
- A five bedroom house built in 1934 on Thomson Road in the Lewis Mountan neighborhood sold for $2.025 million. That’s 114.01 percent over the 2023 assessment of $946,200. (Residential-A, 0.367 acres)
March 23, 2023
- A two bedroom house on Rockland Avenue in the Belmont neighborhood built in 1915 and remodeled in 2020 sold for $380,000. That’s 32.4 percent over the 2023 assessment of $287,000. (Residential-A, 0.15 acres)
- A two bedroom house built in 1952 in the 1400 block of Cherry Avenue in the Fifeville neighborhood sold for $296,900. That’s 9.36 percent over the 2023 assessment of $271,500. (Residential-B, 0.195 acres)
- A three bedroom house built in 1951 on Wellford Street in the Barracks / Rugby neighborhood sold for $1,109,000. That’s 82.7 percent over the 2023 assessment of $607,000. (Residential-A, 0.301 acres)
March 24, 2023
- A three bedroom house on 12th Street NE in the Venable neighborhood sold for $330,500. That’s 7.66 percent below the 2023 assessment of $357,900. The house had been purchased in January by Hogar Hispano, a Puerto Rico based affordable housing group. (Residential-A, 0.149 acres)
- A 785 square foot one-bedroom unit in Walker Square sold for $282,500. That’s 22.19 percent over the 2022 assessment of $231,200 and 5.65 percent over the 2023 assessment of $267,400. (Residential Mixed 5, N/A)
- Mallard Marsh Properties LLC purchased three properties in the 10th and Page neighborhood in three separate transactions.
- They bought a vacant lot on West Street for $77,317. That’s 22.01 below the 2023 assessment of $98,900. (Residential-A, 0.09 acres)
- They acquired a four bedroom house on 9th Street SW for $747,862. That’s 76.17 percent over the 2023 assessment of $424,500. (Residential-A, 0.145 acres)
- They picked up a duplex on 10th Street NW for $600,000. That’s 45.38 percent over the 2023 assessment of $412,700. (Residential-A, 0.209 acres)
March 27, 2023
- The other house on King Street bought by Cardinal Ventures in July 2022 sold for $410,000. That’s 22.53 percent over the 2022 assessment of $334,600 and 1.84 percent over the 2023 assessment of $402,600. Cardinal Ventures had bought both properties for $560,000 and the combined sale for both is $849,000. (Residential-A, 0.162 acres)
March 28, 2023
- A four bedroom on Agnese Street in the Locust Grove neighborhood sold for $295,000. That’s 36.49 percent below the 2023 assessment of $464,500. (Residential-A, 0.203 acres)
March 29, 2023
- A two bedroom house on Smith Street in the Locust Grove neighborhood sold for $310,000. That’s 18.78 percent over the 2022 assessment of $260,800 and 1.54 percent over the 2023 assessment of $305,300. (Residential-A, 0.184 acres)
March 30, 2023
- A three bedroom house on Westerly Avenue in the Jefferson Park Avenue sold for $350,000. That’s 1.95 percent over the 2022 assessment of $343,300 and 7.8 percent below the 2023 assessment of $379,600. (Residential Mixed Use 3, 0.172 acres)
March 31, 2023
- A vacant lot at 516 Caroline Avenue in the Woolen Mills neighborhood sold for $150,000. A structure on the property was demolished in 2021. The sales price is 25 percent over the 2023 assessment of $120,000. (Residential-A, 0.207 acres)
- A vacant lot on Gentry Lane in the Barracks / Rugby neighborhood sold for $225,000. That’s 86.57 percent over the 2023 assessment of $120,600. (Residential-A, 0.187 acres)
- A four bedroom townhouse built in 2017 on Longwood Drive sold for $430,000. That’s 9.83 percent over the 2023 assessment of of $430,000. (Residential-C, 0.081 acres)
- A four bedroom house on Roy’s Place in the Ridge Street neighborhood sold for $489,000. That’s 5.03 percent over the 2022 assessment of $465,600 and 1.37 percent below the 2023 assessment of $495,800. (Residential-A, 0.094 acres)
- A one bedroom 785 square foot apartment in the Walker Square complex sold for $265,000. That’s 14.62 percent above the 2022 assessment of $231,200 and 0.9 percent below the 2023 assessment of $267,400. (Residential Mixed Use 5, N/A)
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