February 2024: Single family house on 10th Street NW sells for $625K and 31 other Charlottesville transactions

Another look at transactions in Charlottesville as development rules shift into a new era

February 2024 is perhaps one of the lowest-volume months in the 38 months I’ve written up one of these anecdotal summaries of property transactions in Charlottesville. There are a lot of things I am looking for as I comb through the records to write up parcel-by-parcel glimpses into what the future of this community will look like. 

I am looking up every transaction in the city’s new development portal to see what I can learn about the new system that’s been in effect since February 19. I’m able to spend all of this time because of paid subscribers which is why that group gets a first look. This will be posted to Information Charlottesville within a week with all of the other months. 

Another thing to note this month is the sheer increase in the value of land across the city from 2021 to 2022. City Council adopted a new Comprehensive Plan with a Future Land Use Map which signaled higher residential densities would be allowed. Go back and see how I reported its introduction to the community in April 2021, a month after Council adopted an affordable housing plan that morally commits Council to spending $10 million a year on affordable housing. 

While correlation is not causation, I view this Future Land Use Map as having had a significant geologic shift. Assessments jumped sharply from 2021 to 2022. You can see this in the comparisons between 2020 and 2024 that I make in this article. 

The Future Land Use Map signaled a willingness Council would approve a new zoning code with higher residential densities

And where do things go from here? I don’t know and I offer no crystal ball. I do know that I will try to avoid simple explanations and offer as little commentary as I can. I am interested in what you have to say, and encourage you to leave thoughts and questions in the comments.

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