Another look at price drops in a slower market than previous years

I am not an expert in real estate. I want to know more about how property transactions work in a community where there is so much happening. One of the sources of information I receive are emails from Realtor.com alerting me to price drops. Periodically I go through these to see what’s happening and share with readers. This data is through July 25, 2024.

A reason I do this is that I’m looking ahead to the 2025 assessments. Spending in Albemarle and Charlottesville has increased in part because of additional resources created by a few years of rising assessments. Will that be the case the next time budgets are developed? 

Three notes. All entries assume 2024 is the year. It also gets tedious to keep saying “view listing” in the parenthetical link so I change it up a little for my own amusement. These are in chronological order, so if there’s no date listed for the drop in an entry, the date is roughly around the time of the ones above and below

So, here we go. No trends, no analysis. Just an anecdotal look. 

• On July 1, the asking price for 2251 Fowler Circle in the Belvedere neighborhood in Albemarle County was lowered an additional $15,900 to $559,000. The structure was built in 2022 and has a 2024 assessment of $513,000. (here is the listing)
• On July 1, the asking price for 1805 Meadowbrook Heights Road in Charlottesville was lowered $15,000 to $685,000. The 2024 assessment for the four bedroom house is $628,900. (click for the listing)
• On July 2, the asking price for 964 Devon Spring Court in the Redfields subdivision had its asking price dropped $10,005 to $439,995. The 2024 assessment is $407,000. (know the listing)
• On July 3, the list price for a three bedroom townhouse at 1253 Clifden Grn in the Riverrun community was lowered $25,100 to $349,900. The 2024 assessment is $337,100. “Grn” is how its spelled in GIS and the listing. (go to the listing)
• Another townhouse in Riverrun had its asking price dropped $5,000 to $320,000. This is for a two bedroom unit at 768 Merion Greene. The 2024 assessment is $269,200. (link to the listing)
• A three bedroom house at 2111 Tarleton Drive had its asking price lowered $30,900 to $499,000. That’s below the 2024 assessment of $526,700 and just above the 2023 assessment of $496,400. (learn more) 
• Now for a higher-end anecdote. A seven bedroom, 17,000 square foot house at 621 Woodlands Road had its asking price reduced $2 million to $9.5 million. According to GIS, there are seven properties totaling about 140 acres and they have a combined assessment of $7.93 million. (view more)
• A three bedroom house at 424 Carrsbrook Drive was listed at $550,000 in early June and has been lowered to $540,000 and then again to $519,000. An email sent out on July 7 dropped the asking price to $515,000. The 2024 assessment remains at $454,200. (glean more)
• A three bedroom townhouse at 119 Blithe Court in the Birnam Wood subdivision had its listing price dropped $14,000 to $535,000. The 2024 assessment is $450,900. (read more)
• The asking price for a two bedroom townhouse in the Liberty Hall condominiums in Crozet went down $10,000 to $325,000. The 2024 assessment is $269,000. (inspect more)
• In late May, 1036 Locust Avenue in Charlottesville was listed at $1.025 million but the price dropped to $995,000 in early June. On July 10, an email announced the further reduction to $985,000. The 2024 assessment is $882,800. This is a four bedroom house. (discern more)
• A four bedroom house at 1801 Wickham Place in Crozet was reduced $10,000 to $565,000. The 2024 assessment is $539,500. (more here)
• Around July 10, a four bedroom house at 1158 Farrow Drive in Belvedere had its asking price lowered $4,300 to $955,000. This was lowered another $10,000 on July 23. The 2024 assessment is $714,100. (behold the listing)
• On July 11, a three bedroom house at 1476 Wickham Pond Drive in Crozet had its listing price dropped $9,100 to $519,900. In late June, the price had been lowered $9,900 to $529,000. The 2024 assessment is $515,100. (observe the listing)
• On July 13, a three bedroom house at 210 Georgetown Road had its listing price dropped $5,000 to $535,000. The split-level ranch built in 1965 has a 2024 assessment of $356,900. (gaze upon the listing)
• On July 16, a one bedroom apartment in the Gleason with 900 square feet had its asking price dropped $10,000 to $595,000. The 2024 assessment is $559,900. (go to more)
• Also on July 16, a vacant lot at 1418 Hampton Street had its asking price lowered $150,000 to $325,000. For some background, a couple bought the property in February 2023 and demolished the existing structure. They were issued a building permit to construct a duplex according to city permits. However, the listing advertises a “blank canvas [that] awaits your creative touch.” The 0.18 acre property is assessed in 2024 at $170,200. (want more?)
• A four bedroom house at 883 Locust Avenue was reduced in price by $20,000 to $949,900 on July 18. The 2024 assessment is $775,800. (educate yourself here)
• A three bedroom house at 761 Ridge Street was lowered in price by $5,000 to $355,000 on July 18. The house was built in 1994. The 2024 assessment is $293,900. (go look)
• A four bedroom house at 3140 Horizon Road in the new section of Southwood had its list price reduced $9,900 to $650,000. The 2024 assessment is $507,200. The first owner after Southern Development built the house purchased it for $627,663 on June 23, 2023. (learn here)
• There’s a further price drop of $10,000 for 3101 Martin Kings Road to $489,000 that was sent out on July 18. In mid-June the four bedroom house on 3.53 acres was $529,000 and I missed one of the reductions. The assessment in 2024 is $451,600. (gander at the listing)
• A four bedroom townhouse at 4537 Berwyn Lane in Spring Hill Village had its list price lowered by $21,900 to $478,000. The 2024 assessment is $428,600. This was also in the July 18 email. (ver listagem)
• Also on July 18, the asking price for a four bedroom house at 120 Lankford Avenue in Charlottesville was lowered by another $5,000 to $414,900. The 2024 assessment is $307,600 for the house and the 0.43 acre lot. The property last sold in September 2019 for $235,000. (lista megtekintése)
• Also a week ago, the list price for 927 Michie Tavern was reduced $20,000 to $1.47 million. This is a six bedroom house built in 1974 that borders the only portion of the City of Charlottesville that extends south of I-64. The 2024 assessment is $912,100. (pogledajte listu)
• A three bedroom townhouse built in 2014 at 2126 Avinity Loop was reduced by $6,000 to $469,000 on July 18. The 2024 assessment is $438,200. (visualizzare l’elenco)
• A two bedroom house at 1304 Poplar Street was reduced in price $15,100 to $399,900. The 2024 assessment is $381,400. This was in the July 19 email. (vedere l’elenco)
• In a city concerned about preserving affordability, the Orangedale section of the Fifeville neighborhood is one to watch. For every nonprofit seeking to provide an affordable rental or unit for sale, there’s another entity looking to maximize profit. The owners of 731 Orangedale Avenue, a three bedroom single-family attached, lowered the asking price by $25,500 to $349,500 on July 19. This unit has a 2024 assessment of $249,800. This is in the Residential Neighborhood A zoning which has fewer development rights than most of the city. (vai a vedere)
• On July 23, a three bedroom townhouse at 2082 Elm Tree Court in the Briarwood neighborhood in Albemarle County had its asking price lowered $7,000 to $408,000. The 2024 assessment is $374,700. (voglio sapere di più?)
• Also on July 23, a three bedroom house at 223 4th Street SW in Charlottesville had its price reduced $25,900 to $599,000. The 2024 assessment is $376,000. This is also an RN-A zoned property. (leggere l’elenco)
• A two bedroom single-family attached house at 31 Creekside Drive n Mill Creek had its asking price lowered $10,000 to $359,900. The 2024 assessment is $341,200. (fare clic per ulteriori informazioni)
• A three bedroom house at 1915 English Oaks Circle North in the Forest Lakes South neighborhood had its price dropped $15,000 to $425,000. That’s just above the 2024 assessment of $423,700. (guarda)
• In the final listing for this edition, a two bedroom house at 1700 Monticello Road was reduced on July 24 $49,000 to $750,000. This 0.41 acre lot is zoned Residential-B and has a 2024 assessment of $406,800. It has been on the market for over 500 days according to the listing. (saperne di più)

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 July 25, 2024 edition of the newsletter. The audio was posted in the podcast that went out on July 27. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.