2023 was a year of low inventory, lots of new construction, and mostly increasing home values in Crozet. Have questions? Ask me. This is a reasonably high-level overview of the Crozet real estate market, and your specific micro-market will vary.
A quick look at some data to level set for 2024.
In 2023:
- 336 homes (attached + detached) sold in Crozet + Brownsville Elementary School districts. (318 in 2022)
- 152 of those were new construction. (129 in 2022)
- Average sale price of single family home in Crozet in 2023 – $708K; $727 in 2022.
- Average sale price of an attached home in Crozet in 2023 – $479K; $470K in 2022.
That’s just data. But what does it mean?
Rising interest rates in 2023 did not affect prices as much as many expected. What we did see as a result of higher rates were more people choosing to stay in their homes because the next place was so much more expensive due to increasing values and increasing interest rates.
We had fewer resale listings in 2023 than we did in 2022 — 189 new listings in 2022 and 167 new listings in 2023.
New construction is filling some of the void, and we need even more new construction that is affordable to more — more grandparents want to move to Crozet to be close to the grandkids (and the kids want parents to come help! Childcare is *expensive.*). More kids want to move closer to parents in Crozet. By restricting growth and not bringing more businesses and building commensurate non-car-centric infrastructure, we are making poor community decisions.
Great. But what does it mean to you?
That depends. What are you looking to do? Sell your home in Crozet? Buy a home in Crozet??Understand your 2024 Albemarle County real estate assessment?
My answer is almost everything in real estate starts with “it depends;”
More specifically, if you’re considering any of the above, what does the data mean to you?
- Not much, other than we tend to have more buyers than sellers in the Crozet real estate market, and with the right preparation, guidance, council, marketing, and representation, sellers should do well.
- Hopefully, this relatively high overview of our market gives you some insight. Know this — price matters.
The best answer to “what does this data mean to me?” — ask questions.
What’s 2024 going to bring to Crozet’s real estate market?
Competition. Continued low inventory. Increased buyer competition as interest rates moderate. Hopefully dirt pushing on the Downtown Crozet project.
Sellers who need and want to sell.
Buyers who need and want to buy.
It’s going to be a good year in Crozet.
Source of all numbers: Charlottesville MLS. Images created with ChatGPT-4
Some interesting data about life in Crozet on the data commons page.
