MARKET REPORT
The Charlottesville, Virginia Market Report
Explore the data and trends powering the residential real estate market in Charlottesville, Virginia
MARKET REPORT
Key Insights
Explore key insights about the residential real estate market in Charlottesville, Virginia for the year ending 2023
AVERAGE DAYS ON MARKET
23 Days
The average days on market for single family detached homes sold in Charlottesville, Virginia
AVERAGE PRICE PER SQUARE FOOT
$342.71 Sq. Ft.
The average price per square foot of single family detached homes in Charlottesville, Virginia
AVERAGE SALE PRICE
$755,618
The average sale price of single family detached homes in Charlottesville, Virginia
THE HOMES COLLECTION
The Homes of Charlottesville, Virginia
Explore a curated collection of the most iconic homes in Charlottesville, Virginia
Browse homes for sale in Charlottesville, Virginia presented by Sotheby’s International Realty
MARKET REPORT
The State of the Market
Regarded as the heart of Virginia Wine Country and the home to the University of Virginia, one of the best public universities in the United States, Charlottesville, Virginia benefits from its ideal location, its bustling downtown, and its wide range of housing options.
Among the most popular communities in the Mid-Atlantic, Charlottesville, Virginia is characterized by more accessible home styles and neighborhoods in the City of Charlottesville and then larger farm and estate homes on the outskirts of town in greater Albemarle County.
The most expensive home sold in Charlottesville, Virginia for the year ending 2023 was Echo Hill Farm. Located on the outskirts of the downtown Charlottesville, Virginia, Echo Hill farm was built in 1936 by architect Jerome Cerny.
Featuring over 5,000 square feet of interior living space and 36 acres of immaculately landscaped grounds, The home sold as part of a private sale for $9,000,000 in December 2023.
In nearby Farmington, the Oak Forest estate — known by locals as Little Monticello — sold in August 2023 for $5,300,000.
“Charlottesville, Virginia is among the most desirable communities in Virginia,” says Conor Murray, Broker at Frank Sotheby’s International Realty.
“Because of its unique history and incredible location on the foothills of the Blue Ridge Mountains, Charlottesville, Virginia truly has it all.”
For those seeking to purchase a single family home in Charlottesville, Virginia, you can expect to pay an average of $342.71 per square foot and an average total sales price of $755,618. Single family homes in Charlottesville, Virginia typically sell in 23 days.
For those seeking a new construction homes in Charlottesville, Virginia, options are available — with new construction representing 16% of all residential home sales — but come with a hefty price tag,
In McLean, Virginia, for the year ending 2023, the average sale price for a new construction single family home was $827,777, while more modestly-sized new construction town homes sold for an average of $515,319.
Among the most desirable communities in the United States, raw land in Charlottesville, Virginia is scarce, with only 19 land sales recorded for the year ending 2023 and an average price per acre of $2.50 Million.
Conor Murray, Broker at Frank Hardy Sotheby’s International Realty.
PARTNER INSIGHT
“Because of its unique history and incredible location on the foothills of the Blue Ridge Mountains, Charlottesville, Virginia truly has it all.”
— Conor Murray, Broker at Frank Hardy Sotheby’s International Realty
MARKET REPORT
The Top 10 Home Sales
Explore the top home sales in Charlottesville, Virginia for the year ending 2023 courtesy of Bright MLS
1). 1510 Echo Hill Farm · 5.0 Bed · 4.0 Bath · 5,055 Sq. Ft. · $1,780.42 Sq. Ft. · $9,000,000 · View Map »
2). 1715 Lake Road · 4.0 Bed · 4.0 Bath · 3,402 Sq. Ft. · $1,557.91 Sq. Ft. $5,300,000 · View Map »
3). 985 Barracks Farm Road · 5.0 Bed · 7.0 Bath · 6,112 Sq. Ft. · $858.97 Sq. Ft. $5,250,000 · View Map »
4). 1332 McCay Lane · 6.0 Bed · 7.0 Bath · 9,068 Sq. Ft. · $788.73 Sq. Ft. · $7,000,000 · View Map »
5). 6455 Kedleston Court · 6. Bed · 6.0 Bath · 9,600 Sq. Ft. · $708.33 Sq. Ft. · $6,800,000 · View Map »
6). 7681 Ballestrade Court · 6.0 Bed · 6.0 Bath · 9,264 Sq. Ft. · $593.70 Sq. Ft. · $5,500,000 · View Map »
7). 8334 Alvord Street · 6.0 Bed · 9.0 Bath · 9,158 Sq. Ft. · $600.57 Sq. Ft. · $5,500,000 · View Map »
8). 1157 Chain Bridge Road · 4.0 Bed · 4.0 Bath · 3,539 Sq. Ft. · $1,532.92 Sq. Ft. · $5,425,000 · View Map »
9). 1937 Birch Road · 8.0 Bed · 7.0 Bath · 12,640 Sq. Ft. · $411.39 Sq. Ft. $5,200,000 · View Map »
10). 8119 Spring Hill Farm Drive · 8.0 Bed · 7.0 Bath · 6,800 Sq. Ft. · $750.00 Sq. Ft. · $5,100,000 · View Map »
THE RAPPAHANNOCK RIVER COMPANY
Find a Trusted Design Professional in Charlottesville, Virginia
For those who seek the very best, The Rappahannock River Company can help you find the best design professional for the job.
Mid-Century Redux of Alexandria, Virginia. Image courtesy of Tod Connell.
CHARLOTTESVILLE, VIRGINIA
Element Construction
Element Construction is a Custom Home Builder in Charlottesville, Virginia
Langley Farms Colonial of McLean, Virginia. Image courtesy of David Burroughs.
CHARLOTTESVILLE, VIRGINIA
Gregg Bleam Landscape Architecture
Gregg Bleam Landscape Architecture is a Landscape Architecture firm in Charlottesville, Virginia
Refined Farmhouse of McLean, Virginia. Image courtesy of Anice Hoachlander.
CHARLOTTESVILLE, VIRGINIA
Rosney Co. Architects
Rosney Co. Architects is a Residential Architecture firm in Charlottesville, Virginia
MARKET REPORT
Frequently Asked Questions
Browse frequently asked questions about our industry research, data, and reporting methodologies
HOW DO I GET ACCESS TO YOUR INDUSTRY RESEARCH?
Raw market data is available for free to members of our Partner Network. Additionally, you may purchase individual reports for a one time fee of $99.95.
WHAT KIND OF DATA IS INCLUDED IN YOUR INDUSTRY RESEARCH?
Industry research and reports include a variety of data, including anecdotes regarding the business of new home construction from industry professionals, as well as a complete list and data set of all new construction homes in the market.
HOW DO I SPONSOR YOUR INDUSTRY REPORTS?
Market data and research may be sponsored upon request by qualified design professionals. To learn more, please contact partners@rappahannock.co.
WHAT CRITERIA IS USED TO ACQUIRE DATA FOR THE REPORT?
Sales data is acquired from closed sales records as published in Bright MLS. In addition, the report focuses only on single family homes — specifically those marked as fee simple transactions.
HOW DO YOU ACQUIRE DATA FOR YOUR REPORTS?
Data for our reports is acquired through a combination of public, private, and panel-based sources. For editorial content and insights, we survey residential architects, interior designers, landscape architects, and custom home builders with experience in the subject market.
HOW DO YOU DETERMINE YOUR KEY INSIGHTS ABOUT THE MARKET?
Key Insights focus on a specific segment of the housing market, specifically those that are single family homes, detached, and and designated as fee simple.
MARKET REPORT
Download the Complete Data Set
Learn more about the Charlottesville, Virginia housing market. Download a CSV of complete sales data for only $99.95.