Monday, February 7, 2011

The 2010 Census: A Decade Of Steady Population Growth, But Declining Home Sales in Charlottesville and Albemarle

The City of Charlottesville now has a population of 43,475, or 8.4% growth over the past decade.  However, single family home sales are 10% lower than in 2001. 

The City of Charlottesville seen a 12% decrease in the public school population, which the City Superintendent recently attributed to the overpriced housing market.

Albemarle County's population has increased by 17.6% / 14,784 people over the past decade, to a total of 98,970.  Albemarle County single family home sales in 2010 were up slightly over 2009, thanks to the Federal Homebuyer Tax Credit and the large number of foreclosures for sale.  However, sales dropped off a cliff after April 30, when the tax cred expired.

The 2010 Census Bureau data shows both the City and County experienced population growth in the past 10 years at an average annual rate of 1.4%.  Yet since the peak of the bubble and its bust, bringing about the "Great Recession" and the rise in local unemployment, ownership rates in the "American Dream" category of the single family home has taken a hit.  Also to blame: high prices, tight credit, and that reputable Realtors now advise homeowners that they should plan to stay put 7-10 years after purchase.  VA's housing authority sees "recovery" a few years away.


Anonymous said...

Keep in mind that after the 2000 census the city's population was revised downward by about 4,000. Local economists estimate the population to be around 40,000. I expect to see a similar revision.

Anonymous said...

people still ain't buying houses in the city since prices remain koooky

the homeless and low income pops in the city will continue rising too making it less desirable place to buy

due to city council's priorities

Anonymous said...

Just saw this blog page during a web search. I've lived in Charlottesville for over 30 years. I have concluded that the Charlottesville/Albemarle area is honeycombed with "inflated real estate value" disease; brought about by geographical location/"College Town" status/affluent retirees relocating here. Here's the kicker about the so-called "2011 real estate tax reassessment": While the assessed value of your HOUSE might be the same as 2010, the value of your LAND might well have gone higher: mine did, by about 9K. Sneak way of a defacto real estate tax increase.