The Charlottesville Area is More than Charlottesville and Albemarle

September 17, 2007 |

This is me in the latest edition of Abode in the C-Ville Weekly.  The purpose of the article was to expose people to the idea of looking at real estate in the more rural areas that surround Charlottesville and Albemarle as potentially better long-term investments.

Most of the attention in our area has always been focused on Charlottesville and Albemarle (heck, my personal site is titled “Charlottesville Area Real Estate”).  Truth be told, however, the outlying counties (Fluvanna, Albemarle, Louisa, et. al.) have always provided a very attractive alternative to living in Charlottesville and Albemarle.  They have been attractive because of their relative affordability.

The contrast in price between Charlottesville/Albemarle and its surrounds was quite stark a few years ago.  The first buyer client that I ever worked with came to me looking for a home in Albemarle.  For the home he was seeking at the price he could afford, Albemarle had 4 homes listed in the MLS.  Fluvanna, on the other hand, offered 30 homes.  Where do you think he bought a house?

That gap is now lessening, however.  As the market became hotter and hotter, prices rose dramatically in the more rural counties.  While those rural counties still tend to be more affordable, for a number of reasons, the gap has shrunk to the point that now people have a real choice to make when they come to the area.  The spillover from Charlottesville and Albemarle has lead to economic growth in Fluvanna, Louisa, and Greene especially.  This growth has made these areas more attractive to people who previously would only have considered living in very close proximity to Charlottesville.  Growth on the west end of Richmond has also made Fluvanna and Louisa attractive to people who may work in Richmond, a market that didn’t really exist 3-5 years ago.

Is one area a better long-term investment than another?  That question is much more difficult to answer, since there are vast differences within the counties themselves in addition to those differences in relation to each other.  The real estate boom that the Charlottesville area has experienced recently has certainly changed the dynamics of the market.  That C-Ville Weekly would even do feature story on real estate in the rural counties is just confirmation of that fact.

[tags] real estate, realtor, charlottesville, virginia, fluvanna, louisa, greene, albemarle [/tags]

Posted by Daniel | Filed Under Affordability, Albemarle, Buying, Charlottesville, Fluvanna, Greene, Louisa, News 

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