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Median Home Prices in Crozet Continuing to Rise

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Jim

We’ve been doing our Crozet real estate conversations for the past few months; each time we do them we tend to have some interesting data-based-conversations. This month, a friend asked me about median home prices in Crozet.

Looking at real estate data is always fun, so I pulled a bit of information from the Charlottesville MLS and came up with this (* “Crozet” for this purpose = Brownsville + Crozet Elementary school districts):

Crozet Homes' Prices and Sales Volume since 2015
Crozet Homes’ Prices and Sales Volume since 2015

 

  • Red line is the number of single family detached home sales in Albemarle County.
  • Green line is the number of single family detached home sales in Crozet.
  • Blue bars are the median sales prices for single family detached homes in Crozet.
  • Thanks to Keith for the help with the graphs.

Looking at the above in context of national trends

S&P/Case Shiller National Home Price index
S&P/Case Shiller National Home Price index

Short story for Crozet

  • Median home prices peaked in 2008
  • 2015 had 219 single family detached home sales; the last time we hit this number was 2005 with 215 sales.
  • Volume of homes sales in Crozet has been increasing for four years … and 2016 looks to increase again.

What does this mean if you’re buying or selling a home in Crozet?

  • I’ll let you know mid-way through 2017 what this data means (I like hindsight; it’s hard to see out of the eye of the storm), but I’ll start with this – if you’re looking to buy this year, buy well and buy smart.  You make your money when you sell when you buy.
  • If you’re looking to sell, inventory remains low. Price and prepare well.
  • If you need help buying or selling, please ask me if you have questions.

And another look at the above data

Crozet data - median price, single family homes

 

Here’s the data, if you’re interested; if I’ve made a mistake, please, please let me know.

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    Comments

    4 responses to “Median Home Prices in Crozet Continuing to Rise”

    1. Edward Strauss Avatar
      Edward Strauss

      You seem to want to include a huge amount of data for your analysis. Brownsville has students from pretty deep in Western Albemarle while Crozet Elementary draws from Whitehall and beyond. A more accurate picture would be gained by using the boundary
      of the Crozet precinct. This would give a more realistic look at things. If you want to show
      how Western Albemare is doing you have chosen the correct data set…

      Reply
      1. Jim Avatar
        Jim

        Sigh. Again, for these purposes, I’m using Brownsville + Crozet Elementary school districts. If I wanted to show how “Western Albemarle” was doing, I would have used the Western Albemarle School district.

        You misspelled “Albemarle.”

        Reply
        1. Edward Strauss Avatar
          Edward Strauss

          I did not spell “Albemarle” correctly. You are correct.
          Why you choose to expand an area beyond reason I fail to see any benefit in. If you are making a point about Crozet real estate why would you include properties beyond the boundary of Crozet? There are large tracts of land for instance that are beyond Crozet that would be included in your numbers that would really throw the integrity of your analysis off. Increasing real estate prices can have a negative effect. More churn and increasing equity debt…

          Reply
          1. Jim Avatar
            Jim

            “Why you choose to expand an area beyond reason I fail to see any benefit in.”

            Great. We agree.

            Reply

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