Another look at drops in asking prices for area homes: Early September 2024 edition

What’s happening in the real estate market? I’m not able to provide a thorough view of the entirety of all transactions, but every now and then I am able to provide snapshots. What follows is the latest in a series of real estate listings that have had their price reduced in recent weeks.

The image used in this post is 901 East Jefferson.

Thanks to Realtor.com for providing the material. 

• On August 16, a two bedroom house at 1304 Poplar Street in the Marta Jefferson Neighborhood was reduced in price another $5,000 to $384,900. The 2024 assessment is $381,400. (see the listing)
• On August 16, the asking price for a three bedroom, five bathroom house at 901 East Jefferson Street was lowered $60,000 to $1,390,000. The 2024 assessment is $909,700. This property is zoned Node Mixed Use 10 under the new zoning, but what is known as the Leitch-Haden House is protected from demolition. (observe the listing)
• On August 17, 2024, the asking price of a four bedroom house at 1340 Mosby’s Reach in the Dunlora neighborhood was reduced an additional $14,000 to $725,000. A week earlier it had been reduced $10,000 to $739,000. On June 12, the asking price had been $799,000. The 2024 assessment is $594,900. (view the listing)
• On August 20, 2024, the asking price for a four bedroom house at 878 Ridge Street in Charlottesville was lowered by $10,000 to $365,000. The 2024 assessment is $326,200. Later in the month this property would be further reduced again by $90,000 to $365,000. (browse the listing)
• On August 20, 2024, the desired price for a three bedroom townhouse at 843 Rainier Road in the Fry’s Spring neighborhood was reduced $24,000 to $525,000. The 2024 assessment is $444,400. (eye the listing)
• On August 21, 2024, the wanted price for 3209 Horizon Road in the Southwood neighborhood was lowered by $5,000 to $479,900. The seller is Southern Development, one of two builders constructing the market rate units at Southwood. This is a brand new three bedroom townhome and the 2024 assessment is $464,400. (spy the listing)
• On August 21, 2024, the asking price for 809 East Jefferson Street was reduced by $64,900. This is listed as a two bedroom house constructed in 1930, but it’s also been used as a commercial building. The 2024 assessment is $700,400. A sale is pending according to the listing. (evaluate the listing)
• On August 21, 2024, the desired price for 748 Lexington Avenue was reduced by $150,000 to $2.1 million. This is a four bedroom house built in 1955. The 2024 assessment is $1,215,700. The last time the property was purchased was in June 2021 for $550,000. Later in the month, the price was further lowered to $1.97 million. (fetch the listing)
• On August 22, 2024, the asking price for 111 Carrsbrook Court was reduced by $9,100 to $499,900. The 2024 assessment is $438,000. That would be further reduced by another $15,000 to $484,999. (look at the listing)
• On August 23, 2024, the list price for 903 Charlton Avenue was dropped an additional $10,000 to $575,000. The property has since been taken off the market. (take a look anyway)
• On August 24, 2024, the asking price for a four bedroom house at 120 Lankford Avenue in Charlottesville was lowered by an additional $10,000 to $399,900. 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. A sale is pending. (go see the info)
• On August 27, 2024, the list price for a one bedroom condominium at 105 Monticello Avenue was dropped $15,000 to $410,000. This is in the ACAC complex. The 2024 assessment is $336,900. (learn more)
• A recently built townhouse in the Hollymead Towns development had its asking price lowered by $5,000 to $435,000 on August 27, 2024. There’s no assessment for this year. A sale is pending. (hurry up and look!)
• 304 Chestnut and 306 Chestnut in Charlottesville’s Belmont neighborhood are being sold together. 304 is an empty lot and 306 has five bedrooms. On August 27, 2024, the asking price was reduced by $85,000 to $790,000. The house is assessed at $553,800 in 2024 and the lot is assessed at $56,300. (observe the listing)
• On August 28, 2024, a six bedroom house at 207 Douglas Avenue had its list price reduced by $100,000 to $1,495,000. The 2024 assessment is $711,600. (see the property)
• On August 28, 2024, the asking price for 307 Alderman Road was dropped $110,000 to $815,000. The three bedroom price was built in 1948 and is assessed in 2024 at $755,800. A sale is pending. This property is adjacent to 303 Alderman which will soon see a single family house demolished to make way for a six unit development made by-right by the new rules. (look at the info)
• On August 29, 2024, the desired price for a five bedroom house at 1419 Burgess Lane in the Woolen Mills neighborhood was dropped $15,000 to $570,000. The 2024 assessment is $421,500. (acquire the info)
• On September 2, 2024, the asking price for a two bedroom house at 1002 2nd Street SE in the Ridge Street neighborhood was dropped $51,000 to $469,000. The 2024 assessment is $299,200. (more to see)
• On September 2, 2024, the asking price for a three bedroom townhouse at 2104 Elm Tree Court in the Briarwood subdivision went down another $8,000 to $390,000. had its price reduced by $5,000 to $398,000. The 2024 assessment is $348,800. The 2020 assessment is $252,200. (digitally travel to the property)
• On September 3, 2024, the asking price for a four bedroom townhouse at 2417 Abington Drive was lowered $40,000 to $400,000. The 2024 assessment is $397,800. (more details)
• On Sunday, the desired price for 424 Carrsbrook Drive was reduced another $4,000 to $471,000. The property had been listed at $550,000 in June. (information here)
• On Monday, the asking price for 1036 Locust Avenue was lowered $30,000 to $905,000. This is a four bedroom house last purchased in December 2023 by Rich Valley Holdings for $610,000. The 2024 assessment jumped up to $882,800. 

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 September 11, 2024 edition of the newsletter. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.