Author: Shea Gibbs

Charlottesville area homes are selling at higher prices on average this year than they were in 2023, but they’re sitting on the market longer, and total sales are down. That roughly matches what’s happening nationwide, but there’s a key difference, according to local realtor Paul McArtor.

“Charlottesville is so tied to the university, government, and hospitals, so we have a natural churn of people that have to leave and come,” McArtor says. “Our market is just kind of going to follow that cycle.”

According to McArtor, that means both sellers and buyers should feel confident in making moves these days, even as the season comes to a close and many folks around the country look toward next spring to act on their housing plans.

Homeowners going to market today should expect a roughly 5 percent uptick in their selling price from this time last year, according to Zillow data, with current typical home values sitting at $490,890. The local median sales price, per Redfin numbers, is up quite a bit more, to $550,000, a nearly 20 percent increase from August 2023.

Buyers, meanwhile, can expect to see lower interest rates than they did last year (in September, the Federal Reserve lowered key interest rate by half a percentage point). McArtor notes that those rates won’t be anywhere near as low as they were at the start of COVID-19, but they are inching closer to pre-pandemic levels.

Will sellers see the effects of the slight uptick in time-on-market across the local landscape? Maybe, maybe not, McArtor says.

“That is a little bit of a flaw, especially because many buyers and sellers have only been paying attention since the pandemic,” he says. “If you compare us to a year ago or two years ago, homes are staying on the market longer. But if you compare us to five years ago, this is normal.”

McArtor advises sellers to act like they’ve seen it all before. Sure, some homes will sell on their first weekend, but a couple weeks or even months of waiting is no reason to panic.

Critically, inventory remains low locally, as it is nationally. Housing availability is slowly ticking up, but McArtor says we haven’t yet reached a balanced market. Part of the low supply is driven by limited space to build, but the 3-year-old interest rate nadir is also making some buyers hold onto their property when they might otherwise have sold.

One real estate trend McArtor suggests is not reflected in reality is the notion that housing prices are slumping toward the end of the selling season. Observers might see single-unit price drops, he says, but that actually points to higher-than-comp opening prices, rather than an actual market dip.

In McArtor’s experience, sellers do need to be more proactive now than they were when the market was red hot in 2022. “They need to prep their houses to be sold nowadays,” he says. “For that stretch of time, it really felt like a seller just didn’t have to do anything. It didn’t matter if it needed repairs, someone was going to buy it. Because there is a little bit more inventory, prices are still high, and interest rates are coming down, buyers aren’t necessarily willing to just take anything.”

For prospective homeowners waiting to see if interest rates drop further, McArtor says there’s no need. The market is showing signs of pent-up demand, and prices could continue to climb, so buy now and refinance if rates do decline. “If you go ahead and buy now, you could get today’s price with tomorrow’s interest rates,” he says.

What’s 80 years to a library? The Rotunda itself served as the University of Virginia’s main volumes venue for more than 100 years, after all.

But by 2018, eight decades after a new library took the Rotunda’s place and shepherded in an era of research-driven scholarship, change was necessary. UVA administrators decided they would take on one of the most challenging renovations in school history: expanding, reorganizing, and overhauling Alderman Library.

“From a construction point of view, it had never had a major renovation,” construction project director Kit Meyer says. “There was some discussion of renovating in the ’70s, but the students complained about their main library being closed.”

The $141 million Edgar Shannon Library, as it’s known now, officially opened in January, more than three years after construction began. Led by UVA architect Brian Hogg and Chicago-based HBRA Architects, the project involved gutting the 100,000-square-foot structure, demolishing what were known as the Old and New Stacks, and building a 130,000 square-foot, five-story addition.

A university statement just before the library’s grand opening said the renovation was intended “to create light-filled, easily accessible study space for users” while maintaining the building’s historic interior features. The result is an aesthetically vintage structure with modern conveniences designed to both allow people and books to coexist and match the way we now use libraries.

According to Elyse Girard, executive director of communications and user experience, library-goers in the past entered and headed for the service desk. Now, assisted by online search and navigation tools, they browse on their own. All but one card catalog is gone from the new library, with digital kiosks helping guide bibliophiles. The study rooms have digital amenities as well, like monitors and ample connectivity.

The books, some of which are still finding their way to the library, haven’t been replaced by digitization, of course. “The books on the shelves bring life to the building, and you really notice that as we fill floor to floor,” Girard says.

Meyer says physical books were a driving force behind the renovation. Logistically, UVA needed more space for them, both on site and in climate-controlled, off-site storage. And environmentally, publications and people like different conditions. Modern technology allows the Edgar Shannon Library to balance the dry atmosphere books prefer with the fresh air humans like to breathe.

With an eye for preserving the library’s original design, some of the rooms in Shannon library seem unchanged at first glance. That’s a feature not a bug (book?), Girard says. It makes folks who remember the old library feel comfortable. Some design elements, like the prominent iron railings, are even taken from the university’s original Rotunda library. Other parts of the structure are new and surprising, giving the next generation of Hoos a chance to love the library in their own way.

“We are a public library and a community space,” Girard says. “People think of us as only supporting faculty and students, but anyone can come in and use the library, and we encourage that.”

The HeartPine Company made its name crafting custom products from stuff a lot of people would throw away. It’s that commitment to finding beauty that has allowed the firm to thrive for 25 years.

“I think there are two or three things that make it different,” says Debra Kirschnick, who directs the company’s sales and marketing efforts. “One is that [the owners] really treat you like family. Two, they give you autonomy. They know their employees want to do what’s best for the company, understand what your strengths are, and let you make decisions.” The third thing, Kirschnick says, is how hands-on ownership remains even after a quarter decade. 

Richard Morgan Sr. launched the HeartPine Company in 1999, selling antique heart pine flooring to discerning builders, designers, and homeowners. Operating out of Nelson County, the firm’s one and only product when it launched was heart pine. Richard Morgan Jr. joined his father’s company after graduating from college and dabbling on his own in the wood biz for a few years.

“It just started when I was renovating an old farmhouse,” Morgan Sr. says. “The house was from the early 1800s, and I was trying to find material. I had been farming full-time, and it just mushroomed from there.”

From the beginning, HeartPine was a manufacturing-intensive business, with a focus on milling and kilning products to the high-level specs the Morgans and their customers demanded. The company grew quickly, hiring more people to operate its at-the-time small manufacturing facility. The Morgans hired another sales person and then another, Kirschnick. Today, HeartPine employs 35 people across its 35,000 square-foot manufacturing plant in Amherst and storefront showroom on Market Street in downtown Charlottesville.

HeartPine has received multiple local awards and was recently featured on “World’s Greatest Television,” a series highlighting successful family-owned businesses. In addition to serving clients in the local area, HeartPine ships product nationwide.

With natural wood more expensive than vinyl flooring and other competitive products, HeartPine serves primarily high-end builders and designers, but the company also sells some flooring directly to consumers. While Kirschnick says pine remains the firm’s “heart and soul,” HeartPine moved into reclaimed oaks and hickories early on, then into a line of newly sawn wood. Today, the it sells European and domestic oak in the form of not only flooring, but also custom beams, stair treads, and millwork. A line of French oak—distinct from European oak—is coming online next.

Everything is bespoke, and two products are rarely, if ever, the same. Sourcing is a constant challenge. Consumer preferences make things even trickier for wood-makers. While buyers for years were hooked on gray tones, they are now moving into more organic colors like browns and sandy tans, according to Kirschnick.

“We’re all still really drawn to the antique woods,” she says—the Morgans have it throughout their own homes. “The antique part of the business is complex. The buying is very difficult because people don’t always tell you the truth about what they have.”

That’s where the Morgans and their team excel, verifying every piece themselves with no regulatory authority providing much support, Kirschnick says. HeartPine’s book of business is still about 50 percent reclaimed wood, 35 percent European oak, and 15 percent newly sawn wood (mostly domestic oak). Kirschnick expects the new French oak line to take over about 10 percent of the sales mix. Reclaimed wood, which remained relatively price-stable through the COVID-19 pandemic and is actually less expensive now than it was five years ago due to sourcing efficiencies, shifts in pricing strategies, and competitive pressures, is about 30 percent pricier than newly sawn wood.

Where in the United States does heart pine fare best? In the areas of the country where it once dominated the forests, an expanse stretching millions of acres from the southern part of Virginia, down to Florida, and across the plains to Texas.

“Heart pine actually built this country,” Kirschnick says. “As soon as Jamestown was settled, the king put a mark on the pine trees and said, ‘These belong to me.’”