A number of parts of the Charlottesville real estate market experienced an increase in median sale prices of homes in May, 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 May when compared to the same month last year. Nelson County experienced a 38 percent increase in median sale price, followed by Fluvanna County with a 21 percent increase. In Buckingham County, the median sale price rose by 17 percent, and it rose by 6 percent in Albemarle County. The City of Charlottesville experienced a 2 percent decrease in median sale price, while Greene County saw a decline of 18 percent.

The number of homes sold varied in the Charlottesville region in May when compared to the previous year. Albemarle County saw a 16 percent increase in home sales, while both Buckingham and Nelson counties saw no year-over-year change. In the City of Charlottesville, the number of homes sold decreased by 1 percent, and in Greene County, it decreased by 10 percent. In Fluvanna County, the number of homes sold fell by 15 percent.

Active inventory decreased in most of the Charlottesville region in May. Fluvanna County saw a 28 percent decrease, followed by Greene County with a decrease of 23 percent. In the City of Charlottesville, active inventory fell by 21 percent, and it fell by 15 percent in Albemarle County. Nelson County experienced an 11 percent drop in active inventory, while Buckingham County experienced a 65 percent increase.

In May, the City of Charlottesville experienced a days on market (DOM) average of just 24 days, followed by Fluvanna County with a DOM average of 53 days. In Greene County, the DOM average was 55 days and Albemarle County experienced a DOM average of 66 days. In Nelson County, the average DOM was 107 days, followed by Buckingham County with a DOM average of 140 days.

“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer market.”

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.