Price-drop round-up: Units for sale range from $175K to $2.65 million

In recent months, the amount of emails from Realtor.com that contain the phrase “price-drop” have been more plentiful. Many listings in Albemarle and Charlottesville have been set way above the reassessment, and looking at these provides me with another set of data points to look at as I go through property transactions. I’m collecting these here for anecdotal and conversational purposes.

• On April 26, 2024, a two bedroom house at 700 Merion Greene in the River Run subdivision in Albemarle had its listing price dropped $10,900 to $349,000. The 2024 assessment is $289,600. (view listing)
• On May 4, 2024, a three bedroom house built in 1967 at 109 Denice Lane had its asking price drop $15,000 to $485,000. The 2024 assessment is $453,600. This property is now zoned Residential-B. realtor.com now lists the property as being off-market. (view listing)
• On May 6, 2024, a three bedroom house at 1722 Yorktown Drive dropped in asking price $35,000 to $815,000. The 0.4 acre property has a 2024 assessment of $561,800.  The asking price has further dropped another $20,000 to $795,000. (view listing)
• On May 6, 2024, a three bedroom townhouse in Wickham Pond on Painted Terrace had its price dropped $15,000 to $434,000. The property has a 2024 assessment of $424,700. realtor.com now lists the status as pending. (view listing)
• A three bedroom house on Tarleton Drive in the Greenbrier neighborhood had its asking price dropped $49,100 to $529,900. That’s only $3,000 above the 2024 assessment. (view listing)
• A four bedroom townhouse on Sawgrass Court in the Dunlora Forest development had its asking price drop $10,000 to $599,000. The 2024 assessment is $617,500. (view listing)
• On May 7, 2024, a four bedroom house at 1805 Meadowbrook Heights Road dropped $15,000 to $685,000. The 2024 assessment is $628,900. (view listing)
• On May 8, 2024, a four bedroom single family detached house at 1095 Towne Lane dropped $10,000 to $499,000. The 2024 assessment is $466,000. (view listing)
• On May 10, 2024, a four bedroom house at 1401 Melbourne Road dropped $40,000 to $590,000. The 2024 assessment is $502,700. This property is now zoned Residential-B. (view listing)
• On May 17, 2024, a one bedroom apartment in Turtle Creek dropped $10,000 to $174,900. (view listing)
• On May 17, 2024, a seven bedroom, 12 bathroom, 8,575 square foot mansion on nearly 23 acres had its price drop $300,000 to $2.65 million. Some of this property on Horseshoe Bend Road is taxed at a lower rate due to it being in the land use taxation program for agricultural use. (view listing)
• On May 17, 2024, a four bedroom house on Old Farm Road in the Bellair neighborhood had its price drop $275,000 to $2,875,000. The 2024 assessment is significantly lower at $1,196,400. (view listing)
• On May 17, 2024, a four bedroom house on Monticello Avenue in Belmont had its asking price drop $25,100 to $749,900. The 2024 assessment is $642,800. (view listing)
• On May 17, 2024, a three bedroom house on Altamont Street had its asking price dropped $50,000 to $700,000. The 2024 assessment is $474,800. (view listing)
• On May 17, 2024, a six bedroom house on Michie Tavern Lane had its asking price drop $50,000 to $1.6 million. The 2024 assessment is $912,100. (view listing)
• On May 21, 2024, a two bedroom house on Belleview Avenue in Locust Grove had its asking price drop $24,000 to $350,000. The 2024 assessment is $374,400. (view listing)
• On May 21, 2024, a three bedroom house on Park Street had its asking price drop $25,000 to $570,000. The 2024 assessment is $515,300. (view listing)
• On May 21, 2024, a four bedroom house on Rose Hill Drive had its asking price drop $100,000 to $995,000. Under the new zoning, this 0.44 acre property is Residential-B. The 2024 assessment is $726,000. (view listing)
• On May 22, 2024, a three bedroom townhouse on Koch Court in the Brookhill neighborhood had its asking price drop $6,000 to $529,365. This is new construction. (view listing)
• On May 22, 2024, a six bedroom house on Morgantown Road in Ivy had its asking price drop $70,000 to $1,275,000. The 2024 assessment is $891,400. (view listing)

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