A number of areas in the Charlottesville real estate market experienced an increase in median sale prices of homes in July, according to the Long & Foster Market Minute reports. The Charlottesville market includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties. The Long & Foster Market Minute reports are based on data provided by Charlottesville Area Association of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
Median sale prices increased in many parts of the Charlottesville region in July when compared to the same month last year. Greene County experienced a 26 percent increase in median sale price, followed by Albemarle County with a 19 percent increase. In the City of Charlottesville, the median sale price rose by 15 percent, and it rose by 3 percent in Nelson County. Fluvanna County experienced a 2 percent decrease in median sale price, while Buckingham County saw a decline of 5 percent.
The number of homes sold varied in the Charlottesville region in July when compared to the previous year. Buckingham County saw a 200 percent increase in home sales, while Nelson County experienced a 41 percent increase. In Greene County, the number of homes sold increased by 26 percent. In Albemarle County, the number of homes sold decreased by 8 percent, and in Fluvanna County, it decreased by 15 percent. In the City of Charlottesville, the number of homes sold fell by 19 percent.
Active inventory decreased in most of the Charlottesville region in July. Fluvanna County saw a 33 percent decrease, followed by Greene County with a decrease of 32 percent. In Albemarle County, active inventory fell by 18 percent, and it fell by 16 percent in both the City of Charlottesville and Nelson County. Buckingham County experienced a 30 percent increase in active inventory.
In July, the City of Charlottesville experienced a days on market (DOM) average of 41 days, followed by Albemarle County with a DOM average of 53 days. In Buckingham County, the DOM average was 61 days and Fluvanna County experienced a DOM average of 70 days. In Greene County, the average DOM was 83 days, followed by Nelson County with a DOM average of 141 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by CAAR, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CAAR or Long & Foster Real Estate.