Most parts of the Charlottesville real estate market experienced an increase in median sale price in September, 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 much of the Charlottesville region when compared to the same month last year, with a 37 percent increase in Greene County. In Buckingham County, the median sale price rose by 30 percent, followed by the City of Charlottesville with a 12 percent increase. In Fluvanna County, the median sale price increased by 10 percent, and in Albemarle County it increased by 2 percent. Nelson County experienced a decline of 26 percent.

The number of homes sold varied in the Charlottesville region in September when compared to the previous year, with Greene County experiencing a significant 100 percent increase over the previous year. In the City of Charlottesville, the number of homes sold increased by 21 percent, followed by Albemarle County with an 8 percent increase. In Fluvanna County, the number of homes sold rose by 3 percent, while in Nelson and Buckingham counties it fell by 12 percent and 17 percent, respectively.

Active inventory decreased in the Charlottesville region in September. The City of Charlottesville saw a 31 percent decrease, and both Albemarle and Buckingham counties saw a decrease of 23 percent. Additionally, both Fluvanna and Greene counties saw active inventory decline by 15 percent, while it dropped by 12 percent in Nelson County.

In the City of Charlottesville, homes sold at a quick pace with a days on market (DOM) average of 40 days in September, followed by a DOM average of 64 days in Greene County and 69 days in Fluvanna County. In Albemarle County, the DOM average was 84 days, while other areas experienced DOM averages of 163 days to 287 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Charlottesville region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.