November 2021 Property Transactions in Charlottesville: Greyhound building on West Main sells; Six-bedroom on Hinton Avenue sells for $1.585M

A monthly look at the real estate market

Eleven months down, one more to go. This year has seen a lot of transactions that are well over the official city assessment, and November was no exception. What will the assessments be like in 2022? Is it possible to determine yet if the Future Land Use Map of the Comprehensive Plan has influenced purchases? Is there a trend towards more limited liability companies owning homes, or has that always been going on?

Those are questions beyond the reach of this summary, which is another anecdotal account of the many individual transactions that took place.

On November 15, 2021, City Council adopted a new Comprehensive Plan that includes a much-debated Future Land Use Map. That includes area listed as “sensitive community” areas. According to the map’s legend, these areas “allow for additional housing choice, and tools to mitigate displacement, within existing residential  neighborhoods that have high proportions of populations that may be sensitive to displacement pressures.”

Work has already begun on translating the aspirational language of the Comprehensive Plan into a zoning map that will be discussed throughout much of 2022. Property transactions do not wait, however.