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The Virginia Foreclosure Market

Courtesy of Virginia Business Magazine, here is a good article on how Virginia’s housing market has fared in 2007, despite trouble nationwide with foreclosures. As stated in the article,

“At a time when foreclosures are soaring and some mortgage lenders have gone out of business, plenty of homebuilders would gladly trade places with Genuario. And homeowners in other states can’t help but look at their counterparts in Virginia with envy, because home prices here continue to outperform the nation’s. That’s one piece of encouraging news in what has been a bruising year for the housing industry.”

Additionally, click here for a very bad scan of a nice chart that was included in the article on Virginia Foreclosures FILINGS By County.

As you can see from the graphic, about 1 household out of every 196 households are subject to filing for foreclosure. However, in Virginia, only 1 out of every 411 homes are subject. Virginia has avoided quite a bit of the foreclosure mess. The two closest counties to Charlottesville that are listed- Orange and Culpeper counties- have 1 foreclosure FILING for every 132 and 96 households, respectively. Our local area hovers at about a 1% foreclosure FILING rate, which really is not a terrible statistic. Following the trend that the majority of foreclosures are a result of subprime loans, failures at flipping, and unscrupulous lending practices, it is probably safe to say that most of our neighbors here in the Charlottesville area will be relatively protected from impending foreclosures or short sales.

Over 80% of all foreclosures are in 5 states – and Virginia is not one of them. Currently, the top 5 foreclosure states are California, Florida, Ohio, Michigan and Texas, with Virginia currently falling at #21 in the nation. Compared to 148,000 in California; 86,000 in Florida; 47,000 in Ohio; and 44,000 in both Michigan and Texas; Virginia looks great with it’s mere 8,000 foreclosure sales in 2007. With an estimated 3,300,000 households in Virginia, this would leave us with less than a 0.01% ACTUAL foreclosure rate in the state. Back to the first article, on median home prices, we see

“Still, compared with states such as Florida, Nevada and California — which experienced huge building booms and busts — Virginia is holding up well. For instance, the median price for a Virginia home was higher in September than for the same time in 2006, a stark contrast to what’s happening nationally. In September, the national median existing-home price for all housing types dropped 4.2 percent to $211,700, while it rose by 5.53 percent in Virginia to $229,000. In fact, the Virginia Association of Realtors reports that a Virginia home purchased in 2002 at the median price of $144,480 appreciated 58 percent in the past five years.” 

However, all is not rosy.

“Virginia has one of the highest year-over-year increases (in foreclosure filings) in the past months. It’s catching up with some of the other states,”

says Daren Blomquist, a spokesman for RealtyTrac. While the bulk of these filings are occurring in Northern Virginia, Charlottesville will certainly see some evidence of the shift as well.


Posted on January 19, 2008 Leave a Comment

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    COMING SOON | 🏠 608 Davis Avenue Charlottesville VA 22901 | MLS #666120 | $700,000 | 🛏️ 3 bed 🛁 3 full bath | 🎉 OPEN HOUSE Sunday, June 29th from 12 PM - 2 PM!

Experience the ease of one-level living in this well-maintained brick rancher, ideally located just off Route 250 and less than a mile from downtown Charlottesville. Enjoy the perfect blend of city convenience and neighborhood charm! Step outside and take advantage of walkable access to Unity Field—right across the street—for a casual soccer game or some playtime with your dog. Northeast Park is just around the corner, offering even more green space and recreation.

Inside, you'll find timeless features including two cozy wood-burning fireplaces, a sunroom just off the kitchen, and aprimary bedroom with en suite bath. The spacious, nearly level backyard includes a storage shed and is perfect for gardening, entertaining, or simply relaxing. Downstairs, a large basement rec room with a built-in vintage bar invites fun and flexibility. There’s also ample unfinished space ideal for storage, a workshop, or your favorite hobbies.

With plenty of off-street parking, this home truly has it all—space, charm, and an unbeatable location. Don’t miss your chance to own a classic Charlottesville home!

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    🏆 LAST CALL, C-VILLE! 🏡

Voting for Best of C-VILLE 2025 ends TUESDAY, JUNE 25 — and guess what? We’re nominated under Real Estate Company! 🎉

We’re honored to serve a city we love, and this recognition means the world. If our team has helped you find home, build legacy, or simply feel more rooted in Charlottesville — we’d be so grateful for your vote.

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    Jun 19

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    OUR FEATURED LISTING THIS WEEK!

Still Available — But Not for Long! 🏡✨

Ready to fall in love? These featured properties offer a little something for everyone—wooded privacy, neighborhood charm, and low-maintenance living in prime locations. Whether you're upsizing, downsizing, or just daydreaming, one of these might be the one.

Take a peek, pick your favorite, and let's get you home!

FEATURED LISTING | 🏠 820 Swede St Charlottesville VA 22901 | MLS #665347 | $500,000 | 🛏️ 3 bed 🛁 2.5 bath | 🎉 

FEATURED LISTING | 🏠 83 Mossy Creek Court Zion Crossroads VA 22942 | MLS#665020 | $700,000 | 🛏️ 4 bed 🛁 3 bath | 🎉 OPEN HOUSE Sunday, June 15th from 1 PM - 3 PM!

FEATURED LISTING | 🏠 1261 Old Trail Drive Crozet VA 22932 | MLS#665019 | $579,900 | 🛏️ 3 bed 🛁 3.5 bath | 🎉 

FEATURED LISTING | 🏠 4760 Bluejay Way Charlottesville VA 22911 | MLS#665043 | $375,000 | 🛏️ 3 bed 🛁 3.5 bath | 🎉 OPEN HOUSE Saturday, June 14th from 12 PM - 2 PM!

FEATURED LISTING | 🏠 1184 Partridge Lane Charlottesville VA 22901 | MLS#664253 | $385,000 | 🛏️ 3 bed 🛁 3 bath | 🎉 

FEATURED LISTING | 🏠 127 Kathys Lane Troy VA 22974 | MLS#664146 | $500,000 | 🛏️ 4 bed 🛁 2.5 bath | 🎉 

FEATURED LISTING | 🏠 4286 Sunset Drive Charlottesville VA 22911 | MLS#664112 | $500,000 | 🛏️ 3 bed 🛁 2.5 bath | 🎉 

NEW PRICE | FEATURED LISTING | 🏠 6183 Spring Hill Rd Ruckersville VA 22968 | MLS #663532 | $315,000 | 🛏️ 3 bed 🛁 2.5 bath | 🎉

FEATURED LISTING | 🏠 5077 W Hoover Road, Reva, Virginia 22735 | MLS#662321 | $775,000 | 🛏️ 4bed 🛁 4 full/ 2 half bath | 🎉 

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    ✨ Just Listed ✨

Three incredible homes, each with their own unique charm, all hitting the market this week! Whether you’re looking for privacy in the woods, charm in a favorite neighborhood, or convenience close to it all, we’ve got you covered.

JUST LISTED | 🏠 4260 Sylvan Lane Charlottesville VA 22911 | MLS #665831 | $475,000 | 🛏️ 4 bed 🛁 2 full/1 half bath | 🎉 OPEN HOUSE Saturday, June 21st from 11 AM - 1 PM!

JUST LISTED | 🏠 295 Homestead Lane Charlottesville VA 22902 | MLS #665835 | $500,000 | 🛏️ 3 bed 🛁 2 full bath | 🎉 OPEN HOUSE Sunday, June 22nd from 12 PM - 2 PM!

JUST LISTED | 🏠 1103 Mill Park Drive Ext Charlottesville VA 22901 | MLS #665911 | $350,000 | 🛏️ 3 bed 🛁 2 full/1 Half bath | 🎉 OPEN HOUSE Saturday, June 21st from 12 PM - 2 PM!

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    Jun 18

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    COMING SOON | 🏠 1103 Mill Park Drive Ext Charlottesville VA 22901 | MLS #665911 | $350,000 | 🛏️ 3 bed 🛁 2 full/1 Half bath | 🎉 OPEN HOUSE Saturday, June 21st from 12 PM - 2 PM!

Welcome to this well-cared-for 3-bedroom, 2.5-bathroom condo ideally located along the convenient Route 29 corridor in the Brookmill community. This home features a highly functional floor plan with a spacious and inviting living area. Enjoy the charm of a cozy den complete with a wood-burning fireplace. The kitchen offers a warm, welcoming feel with plenty of cabinet space and easy access to the main living areas. Step outside toyour private outdoor deck, perfect for morning coffee or an evening meal.

Upstairs, the generous owner’s suite includes a large closet and a private ensuite bathroom. Two additional bedrooms and a full bath offer flexibility for guests, home office, or hobbies. With its combination of comfort, space, an unbeatable location near shopping, dining, and commuter routes, this Brookmill home won’t last long!

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