The story of this market
The typical home in ZIP 22902 sells for about $480,156, or $224 per square foot.
Prices are roughly flat from a year ago (+0.5%), a market in balance. Homes take about 21 days to sell, which is fast. HUD's fair market rent for a two-bedroom is $2,000 a month.
ZIP 22902 — Charlottesville
The 22902 housing market shows resilience with a median price of $480,156 and a modest year-over-year increase of 0.5%. While inventory remains tight, the market is balanced by steady demand from university-affiliated buyers and urban professionals. Note that specific figures for price cuts and sale-to-list ratios are based on current market listings as official aggregate monthly reports for these metrics were not available.
This ZIP is ideal for young professionals, university-affiliated employees, and those seeking an urban lifestyle with walkability to downtown amenities, though it also attracts investors looking for rental demand.
Median prices moved up 0.5% year over year.
Homes spend a median of 21 days on market with 11.1 months of supply — a balanced-paced market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 3.8% · poverty 14.5% — a stable, low-distress profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.0%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 6.1%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 22902
Crime rates in the 22902 area are generally consistent with urban centers of similar size in Virginia, with property crime being the primary concern in downtown and surrounding residential pockets.
Schools serving the 22902 area are part of the Charlottesville City Public Schools district, which maintains a diverse student body and focuses on integrated learning programs.
The area faces moderate risks related to localized flooding near the Rivanna River and standard regional wind/storm exposure; insurance premiums are stable but reflect national trends in climate-risk adjustment.
Economic momentum is driven by the University of Virginia and the associated healthcare and research sectors, with ongoing mixed-use redevelopment projects in the downtown and Belmont areas.
Property taxes are assessed by the City of Charlottesville and Albemarle County; the rate structure includes a base real estate tax plus specific levies for school funding and local infrastructure.
Residents benefit from proximity to the downtown employment core, with most commutes under 20 minutes via local arterial roads; public transit via Charlottesville Area Transit (CAT) provides reliable coverage.
The area features extensive access to the Rivanna Trail, numerous city parks like Meade Park, and the historic Downtown Mall, which serves as a primary hub for dining and shopping.
The rental market is highly competitive due to the proximity to the university, with low vacancy rates and a consistent upward trajectory in asking rents.
The economy is anchored by the University of Virginia, UVA Health, and a growing cluster of technology and research firms, providing a stable employment base.
The area is served by Charlottesville Area Transit (CAT) and is well-connected to major highways including US-29 and I-64, facilitating regional access.
The city has approved several high-density residential projects near the downtown corridor to address housing supply constraints.
The City of Charlottesville and Albemarle County assess properties annually based on fair market value, with a focus on maintaining equitable tax burdens.
Parcels are subject to city/county school district levies and specific utility service districts for water and sewer management.
Property insurance remains stable, though homeowners in flood-prone areas near the river are required to carry additional coverage.
Data retrieved from data.census.gov ZCTA 22902 profile.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment.
One of the longest pedestrian malls in the U.S., featuring historic architecture and diverse dining.
A multi-use trail system encircling the city, providing significant green space access.
A popular community park with recreational facilities and green space.
Key-figure check: median price corroborated by the published ten-year series (2025) (within 12.5%).