The Changing Face of Charlottesville Real Estate
During last month’s regional housing conference titled “Finding Common Ground“, lunch plenary session keynote speaker Joe Molinaro discussed how future demographics will change the way Charlottesville homes will be built and real estate development should be planned. Mr. Molinaro is Managing Director for Smart Growth and Housing Opportunity for the National Association of REALTORS® (NAR). By using trends in demographics, Mr. Molinaro identified numerous changes in future real estate development. These changes are targeted in several high-growth regions which includes the East Coast “megalopolis”. Charlottesville is included in this East Coast megaloplis region. Population increases and demographic changes identified by Mr. Molinaro include:
- Total growth in population in the US. Based on the 2006 census, the U.S. population hit 300 million. It will hit 400 million by 2035
- The growth of the “Boomer Generation” will occur every year from now to 2025
- Historic changes in the number of single person households from 13% of households belonging to singles in 1960 to over 30% in 2040
- Households with children will continue to shrink from 48% in 1960 to 27% by 2040
Because of these dramatic changes in our population and shifts in demographics, Charlottesville real estate professionals, city planners, developers, and civic leaders will need to address how Charlottesville will plan for the future housing needs of these population segments in the years to come.
Future Charlottesville Home Solutions
Obvious choices to handle the shifting demographics include the following according to Molinaro:
- The face of Charlottesville neighborhoods will change. Greater population density to accommodate individuals who seek “walkable living” scenarios will grow in popularity. Health conscious Charlottesville seniors who need less space to live and desire to walk to shopping, cultural centers, health clubs and recreational outlets will be more prevalent
- Demand for mass transit will grow with greater density
- The village concept for all-inclusive services, shopping, offices and housing will grow in popularity. This means affordable Charlottesville single-family homes will fit on smaller lots. More Charlottesville neighborhoods will offer condos, townhomes and zero lot-line patio homes
Plan Today For Tomorrow’s New Charlottesville Demographics
No doubt, Albemarle County will always retain its charm and beauty with lush farms and estate homes. In light of the need for “smart growth” in today’s Charlottesville real estate market, it’s time we awoke to these future demographic realities and started planning for these realities. What changes do you foresee for tomorrow’s Charlottesville housing options and our ever changing Albemarle County real estate market?
Until my next post,