Charlottesville, VA 22902 Real Estate Market Report

ZIP Code: 22902
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Charlottesville, VA, are averaging 6.4%, reflecting a market environment where rates have remained elevated throughout early 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. $472,500 median sold price is the primary indicator of current market value in 22902 and reflects recent transaction activity; despite a year-over-year price trend labeled down, closed sales are setting the actionable valuation benchmark.

2. median days on market: 320 suggests slower sales velocity relative to typical hot-market expectations and may indicate pricing friction or selective buyer activity even though the market temperature is reported as hot.

3. $471,500 median listing price sits nearly level with the median sold price, which appears to reflect seller pricing that is largely in line with recent transaction levels rather than a persistent premium; this alignment may reduce negotiation gap and support price discovery.

4. median market rent: $1,995 combined with a rent year-over-year trend of up reinforces strong rental demand, while elevated interest rate pressure and prevailing 30-year fixed rates at 6.4% (elevated) may sustain demand for rental housing and temper some owner-occupier affordability, suggesting investor interest in rental conversions may persist.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

Charlottesville, VA 22902 Real Estate Market Report

ZIP Code: 22902
Report Date: May 2026
Market Temperature: HOT
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in Charlottesville, VA, are averaging 6.4%, reflecting a market environment where rates have remained elevated throughout early 2026.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. median sold price (not provided) is the primary indicator of realized market value and recent transaction activity; the median sold price is not available in the supplied snapshot, which may occur when the sampled sale set is limited or timing of recent closings prevents a robust median from being reported.

2. median listing price: 1,229,500 indicates seller price positioning remains at a premium relative to many markets, while observed price year-over-year trend is down, suggesting asking prices may be outpacing recent realized sale levels or that recent transactions have trended lower.

3. median days on market: 232 signals extended marketing time for listed SFR and condo inventory and may indicate pricing friction or buyer selectivity even though overall marketTemperature is hot, implying active buyer interest in certain segments.

4. median price per square foot: 645 combined with rent year-over-year trend up and median market rent of 1,900 suggests stronger rental demand supporting investment interest, even as interest rate pressure is described as elevated (current 30-year fixed ~6.4%), which may constrain leveraged buyer activity and favor cash or well-capitalized investors.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.