Charlottesville, VA

The Charlottesville, VA metropolitan statistical area (MSA) is located in the central part of the state and includes the city of Charlottesville as well as the counties of Albemarle, Buckingham, Fluvanna, Greene, Louisa, Madison, and Orange. The MSA has a population of approximately 250,000 people.

The Charlottesville housing market has been strong in recent years, due in part to the growing popularity of the city as a destination for retirees and second-home buyers. The median home price in Charlottesville is $325,000, which is up 5% from last year. The average price per square foot for homes in Charlottesville is $155.

There are several factors that have contributed to the strong housing market in Charlottesville. First, the city has experienced significant job growth in recent years. The unemployment rate in Charlottesville is just 2.4%, which is well below the national average of 4.1%. This job growth has led to an increase in population and household formation, which has helped to drive demand for housing.

In addition to job growth, another factor that has contributed to the strong housing market in Charlottesville is low interest rates. Mortgage rates are currently at historic lows, which makes buying a home more affordable than it has been in many years. This low interest rate environment is expected to continue for the foreseeable future, which should continue to support demand for housing in Charlottesville.