Along with the City of Charlottesville, Albemarle County is one of the two core markets for the Charlottesville MSA. And just like the City of Charlottesville, Albemarle County home sales are trending in a positive direction. Here’s the synopsis of the the Albemarle County real estate market in 2012:
- Total sales increased to 1281 home sales in 2012. This represents an increase of 14.07% from 2011. The 1281 sales is the largest number of home sales in Albemarle County since there were 1440 sales in 2007.
- Albemarle County median home prices increased by 3.71% in 2012 to $290,000. This comes on the heels of a 3.58% drop in median home prices from 2010 to 2011.
- Months of Inventory in Albemarle County fell to 9.28 months on an annualized basis. This represents a 21.16% reduction from 2011 and also marks the 4th straight year that Albemarle County months of inventory improved.
- Total year-end Albemarle County inventory levels fell for the 2nd straight year to 991 total homes. This is a 10% drop from 2011’s 1103 homes on the market.
Overall, the Albemarle County real state market’s health is improving and 2012 was a strong year. As with other sub-markets throughout the Charlottesville MSA, new home construction is on the rise in Albemarle County. Expect new construction in 2013 to be prevalent in the following Albemarle County neighborhoods:
- Old Trail: One of the most popular Albemarle neighborhoods, Old Trail has several phases currently under construction…including Creekside.
- Ragged Mountain Farm: Located in Ivy, Ragged Mountain offers multi-acre home sites offering pastoral and mountain views
- Dunlora Forest: Southern Development and Ryan Homes are breaking ground shortly on this much anticipated neighborhood
- Dunlora Gates: 18 attached homes situated in the popular Dunlora neighborhood built by Piedmont
- Belvedere: This neo-traditional community situated just off of Rio Road is nearing its next phase.
- Willow Glen: Close to Hollymead Town Center and the Charlottesville Airport, Piedmont Realty and Construction is building single family homes starting in the $400s.
- Hyland Ridge: After years of planning, Southern Development and Craig Builders are building single family homes with beautiful views in this amazing community
- Pendower Heights at Glenmore: In this new phase of Glenmore Country Club, Piedmont Realty and Construction is building single family homes starting in the $600s
- Haden Place: Southern Development is offering great new homes in this community that is walking distance to Old Trail and Downtown Crozet
- Wickham Pond: Ryan Homes is building single family homes in the next phase of this popular Crozet neighborhood
- Foothill Crossing: Foothill Crossing Phase 2 has just started and will feature single family homes
- Westhall: The new phase of Westhall is underway. Featured builders include Southern Development.
Stay tuned to The Nest Report for more Charlottesville new construction updates and information on the Albemarle County real estate market.