Albemarle County leads area housing slump
Homes sales are down 21.7 percent across the Charlottesville region, according to a new market analysis by the Charlottesville Area Association of Realtors.
From Jan. 1 to Sept. 30, there were 1,962 houses sold in the region. There were 2,506 homes sold during the same period in 2007.
The area’s steepest decline was in Albemarle County, which saw 31.5 percent fewer homes sold than in 2007. Charlottesville dropped 7.6 percent, Fluvanna County fell 27.6 percent, Greene County declined 13.8 percent and Nelson County fell off 14 percent.
Louisa County was the region’s sole bright spot, thanks in large part to the Spring Creek development and ongoing growth around the Zion Crossroads area. Louisa saw 161 homes sold through September, marking a 4.5 percent increase over 2007.
The region’s real estate market has not seen such moribund sales figures in seven years.
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Reader Reactions
I don’t think anyone will be “stuck” in Albemarle county, since it will always be a desirable place to live. However, home prices need to drop to the point where people can afford them again. With fewer new subdivisions, and thus less need for new schools, roads, etc., there will be less pressure to increase property taxes.
I find it interesting that sales in Charlottesville did not drop nearly as much as in Albemarle. If people move to the city rather than the county, that will make city life more vibrant, while at the same time preserving the rural character of the county.
Good news indeed!
How can this possibly be good news? Property taxes will skyrocket in an attempt to make up some ground. It is horrible news to be stuck in Albemarle County for the rest of your life when you can’t sell your house!
Sounds like good news to me.
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