UVA Benefits Housing Market

By: Jummy Olabanji Email
By: Jummy Olabanji Email

January 14, 2007

The Charlottesville Area Association of Realtors knows the housing market in our area in and out.

“The good news is, when the housing market drops a little bit as it did this past year, it doesn't really affect us as much locally as it does in other parts of the country,” said Dave Phillips, CAAR CEO.

That's mainly due to the existence of one major institution in Charlottesville.

“We can generally maintain stable housing market prices, rather than having major fluctuations, thanks to the university,” said Phillips.

UVA, and the thousands of students it draws to Charlottesville every year, are a major contributor to the fair housing market we see in central Virginia.

The school provides a buffer for the housing market from many of the national trends and according to a USA Today profile, the school does the same thing for our local economy.

“All the market factors seem to be in a good situation. Thanks to the university we have a strong local economy. We also have very low interest rates, and we have an adequate supply of homes for people to look and to purchase,” said Phillips.

Charlottesville is also mentioned as a great place for investor real estate because of all the condos available for students and their parents to purchase.

According to housing experts at the CAAR, because of the university, central Virginia is sheltered from severe market fluctuation.

“It doesn't see the irrational exuberance of housing prices going through the roof. They may have seemed like they went through the roof in the last couple of years around here but in reality compared to other areas like Northern Virginia and California really, not a comparison,” said Phillips.

According to CAAR, Louisa County is the current housing hot spot in our area.

The report also cites Greene and Fluvanna counties as other hot spots for affordable housing.

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