Over the last few years, analysis from the Charlottesville Area Association of Realtors has captured a trend of fewer homes being sold in the region, while the average purchase price continues to climb.
There were 1,287 homes sold in the fourth quarter of 2020 compared to 879 sold in the last three months of 2024. During that time, the median sales price increased from $348,050 in 2020 to $475,000 for 2024.
CAAR won’t have analysis of this month’s sales figures for some time, but so far in the City of Charlottesville, there are two notable transactions that appear to show the trend will continue.
On April 8, a couple purchased 1535 Dairy Rd. for $3.5 million. Property transaction records in Charlottesville from the last 25 years indicate this is the most money ever spent on a home by a couple for private use in the city.
The four-bedroom house, known as Linden Hill, was built in 1921 and sits on 1.355 acres of land zoned Residential-A. The property was listed for $3.8 million on February 3 and assessed this year at $1.743 million.
“This iconic 1920s home includes two charming cottages and a heated, saltwater pool and spa, offering a luxurious yet private retreat just minutes from downtown, the University of Virginia, shopping, schools, and clubs,” reads a portion of the listing.
What else can $3.5 million buy? Exact comparisons across time are difficult to make due to inflation, but that amount of money has historically been spent only by corporations that purchase property.
In October 2023, the University of Virginia paid $3.5 million for the Oak Lawn estate in Fifeville and is currently studying the feasibility of using the 5.2-acre property for child care. That would take a rezoning, as the area is outside of UVA’s sphere of influence under the 1986 Three Party Agreement, which called for the university to name a non-voting member to the planning commissions in Charlottesville and Albemarle County.
In August 2022, Woodard Properties paid $3.5 million for the former IGA grocery store at 501 Cherry Ave. The company is currently partnering with the Piedmont Housing Alliance to develop several dozen affordable apartment units as well as a potential community grocery store.
Earlier this year, another couple paid $3.1 million for 2003 Hessian Rd. in the Barracks/Rugby neighborhood, the second-highest amount ever for a private home in the area. Its 2025 assessment is $1,375,900. In 1983, the Cavalier Inn Corporation purchased a now-demolished hotel at Emmet Street and Ivy Road for $3.1 million.
The third-highest appears to be a nearly $2.84 million purchase of 2002 Spottswood Rd. in the Barracks area, and the fourth is the April 2019 purchase of 109 E. Jefferson St. for $2.8 million.
There are several residential homes that have sold for $2.6 million over the years. One of them is 1951 Lewis Mountain Rd., which was bought on April 9, 2025. The sales price was $537,500 when the property last changed hands in December 2019.
The sales this April will factor into the calculation of 2026 property assessments. In 2019, the city had a total of $7.65 billion in taxable land and improvements. In 2025, that number has risen to nearly $11.7 billion.
Two other homes have sold for higher than $3.5 million. MUL LLC purchased 1314 Rugby Rd. for $6.7 million in August 2018. Twickenham LLC purchased 1214 Rugby Rd. in November 2010 for $4 million.
The purchase price of 1535 Dairy Rd.—$3.5 million—is the most money ever spent on a home by a couple for private use in the city in the last 25 years. Photo: Charlottesville Area Association of Realtors.
