Another look at price drops in Albemarle and Charlottesville

What’s happening with the real estate market? This website and the newsletter that powers it does not claim to have any answers but does provide frequent anecdotes.

This edition is no different with another review now of recent “price drop” emails. I do this to try to get a sense of what’s not selling in a market where inventories are already low. 

What do you think? Weigh in in the comments.

• On May 23, the asking price of a three bedroom townhouse on Fowler Circle in Belvedere was dropped $14,000 to $574,900. The structure was built in 2022 and has a 2024 assessment of $513,000. (review the listing)
• On May 23, the asking price of a three bedroom house at 1722 Yorktown Drive had its asking price dropped $20,000 to $795,000. Since then, the price was dropped again by $100,000 to $695,000 and a sale is pending according to the listing. The house was assessed in 2024 at $561,800. (see the listing)
• On May 23, the asking price of a three bedroom house at 4517 Briarwood Drive in the Briarwood neighborhood in northern Albemarle dropped $10,000 to $560,000. The 2024 assessment is $424,600. (touch the listing) 
• On May 24, the asking price of a four bedroom house at 1340 Mosby’s Reach in the Dunlora neighborhood was reduced $25,000 to $824,000. The 2024 assessment is $594,900. (understand the listing)
• On May 24, the listed price for 1004 Whispering Pines was reduced $45,000 to $875,000. The 2024 assessment is $684,600. (view the listing)
• On May 28, the asking price for 421 9th Street NW dropped $100,000 to $599,000. The five bedroom house is assessed at $437,000. Mallard Marsh Properties paid $747,862 for the structure in March 2023. (wonder about the listing?)
• On May 29, the asking price for 210 Georgetown Road was lowered $20,000 to $579,000. The three bedroom was assessed in 2024 at $356,900. (xerox the listing)
• On May 30, the asking price for 1036 Locust Avenue dropped $75,000 to $1.025 million. On June 7, the asking price was further reduced to $995,000 for the four bedroom house. (yearn for the listing)
• On May 30, the asking price for a four bedroom house at 1825 Wickham Place dropped $12,000 to $557,000. That’s only just above the 2024 assessment of $561,200. A sale is listing as pending. (zoom to the listing)
• On June 3, the asking price for a four bedroom house at 1400 River Road was reduced $25,000 to $449,000. That’s below the 2024 assessment of $517,500. This sale is also listed as pending. (amble on over on to the listing)
• On June 3, the asking price for a three bedroom townhouse at 1279 Laconia Lane dropped $10,430 to $619,740. This is new construction off of Polo Grounds Road without a 2024 assessment. This sale is pending. (believe the listing)
• On June 4, the asking price for a four bedroom house at 1005 Whispering Pines Lane was lowered $45,000 to $1.25 million. The 2024 assessment is $676,100. (chase the listing)
• On June 5, the asking price for a four bedroom townhouse built in 2019 at 3217 Bergen Street in the Avinity community was reduced by $15,100 to $469,900. That’s just above the 2024 assessment of $460,600. (drop by the listing)
• On June 6, the asking price of a three bedroom house built on Greenbrier Terrace was lowered $5,000 to $420,000. The 2024 assessment is $396,700. (eavesdrop on the listing)
• On June 7, the asking price for a three bedroom house at 424 Carrsbrook Drive was dropped $10,000 to $540,000. The 2024 assessment is $454,200. (follow the listing)
• On June 7, the asking price for a four bedroom house at 1567 Sawgrass Court was reduced by $50,100 to $599,900. The 2024 assessment is $604,400. (glean the listing)
• On June 11, the asking price for a three bedroom townhouse at Glennwood Station was reduced $20,000 to $359,000. The 2024 assessment is $311,000. (head over to the listing)
• On June 11, the asking price for a six bedroom house at 101 S. Indian Spring Road went down $50,000 to $699,000. The 2024 assessment is $669,600. (inspect the listing)

Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment is from the June 13, 2024 edition of the newsletter. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.