Understanding Today's Charlottesville Real Estate Market

Understanding today’s market place, whether it’s homes for sale in Charlottesville or farms and estates in Albemarle County, can be challenging, and now more than ever you need to be partnered with skilled and trusted professionals at every step of the way. Today, I’m focusing on the contrast between values in Ashcroft and Glenmore, two upscale subdivisions on the East side of Charlottesville. The contrast in values brings into focus the simple market forces of supply and demand.

Great Charlottesville Home Values Abound

Prices have corrected and great home values abound for Charlottesville real estate at every price point, but value in one location will not be theBuying Your Glenmore or Ashcroft Home in East Charlottesville Home same as in another. In Ashcroft, for example, supply is limited with just three homes listed for sale at this time, and the community has a low turn-over rate with an average of just 10 homes selling in a typical year. Glenmore on the other hand, sees considerably more turnover and currently there are 36 homes listed for sale while the average sales per year are 26. You don’t have to be gifted with numbers to see why the selling prices in Ashcroft are higher for a comparable property than in Glenmore. The bottom
line: With many more homes for sale in Glenmore, that’s where the super values will be. And, with so few homes for sale in Ashcroft, a ‘super value’ will simply be priced higher than in Glenmore.

Surround Yourself with a Team of Knowledgeable Charlottesville Real Estate Professionals

Moral to the story: Find a good Charlottesville Realtor® you can trust and let him/her help you understand the micro markets you are considering as a buyer. Great value doesn’t mean the same price for comparable properties in two different subdivisions.

Until my next post,

Brian
Your Charlottesville Real Estate Resource