Location: Charlottesville, VA | Metro: Charlottesville, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 22931 presents a compelling scenario for landlords and small-portfolio investors. With a median home value of $399,263, the area stands out as a mid-range market, offering opportunities for both property ownership and rental income. The fact that the percentage of listings reduced is not available suggests a stable market where price reductions are minimal, indicating strong pricing power for sellers and landlords.
The median days on market (DOM) being unspecified points to an efficient market where homes are typically sold quickly. This efficiency can be attributed to a balance between supply and demand, ensuring that properties maintain their value and are attractive to potential buyers and renters alike.
On the rental side, the Federal Market Rent (FMR) for ZIP 22931 in fiscal year 2024 is set at $1270, significantly higher than the current market rent of $833 based on Census ACS data. This gap signals an upward pressure on rents, which could lead to increased rental income for landlords in the coming years. The disparity between FMR and actual market rent also suggests that there is room for rent increases without deterring tenants, given the relatively affordable nature of the area.
For long-term investors, the setup implies a realistic appreciation thesis. The combination of a stable home value, efficient market conditions, and positive rental dynamics indicates that properties in ZIP 22931 will likely retain and possibly grow in value over the next 12-24 months. However, the lack of specific data on historical appreciation rates means that while value retention is certain, aggressive growth expectations should be tempered. Investors should focus on steady cash flow from rentals and moderate capital appreciation.
In summary, ZIP 22931 offers a balanced environment for real estate investment, characterized by strong pricing power, efficient market conditions, and a favorable outlook for rental income. Long-term investors can expect to benefit from a stable asset base and gradual market adjustments that favor value preservation and modest growth.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.