Charlottesville, VA Federal Housing Finance Agency Home Price Index (FHFA HPI)

The Charlottesville, VA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index measuring average price changes in repeat sales or refinancings on the same properties. The index was created to provide a more timely and accurate measure of house price trends than other existing measures.

As of December 2020, the Charlottesville HPI was at 252.3, up 5.8% from December 2019. This is the highest level on record for the index, which dates back to January 1991. Home prices in Charlottesville have been rising steadily for several years now, but they really took off in 2020 due to strong demand from buyers and limited supply of homes for sale.

The median home price in Charlottesville was $434,000 in 2020, up 11% from 2019. This is also a new all-time high for the city. Home prices have been rising faster than incomes in Charlottesville, so affordability is becoming a concern for many residents.

The rise in home prices has been driven by strong demand from buyers and limited supply of homes for sale. The population of Charlottesville has been growing steadily in recent years due to job growth and retirees moving to the area. At the same time, the number of homes available for sale has declined due to a lack of new construction and homeowners being reluctant to sell while prices are rising so rapidly. The result has been bidding wars and rapidly escalating prices for those lucky enough to find a home they want to buy.