The majority of the Charlottesville area displayed an increase in number of homes sold in December, according to the Long & Foster Real Estate Market Minute Report. Fluvanna County displayed the largest surge with a huge increase of 79%, while Buckingham County had a decline of 29%. 

Home sales prices varied across the region with the City of Charlottesville, Nelson County and Greene County all having increases of 9%. Inventory fell throughout most of the area, aside from Greene County which had a 19% incline, while the rest had decreases ranging from 7% in Nelson County to 23% in Fluvanna County. 

Long & Foster Real Estate’s Market Minute report for the Charlottesville region includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties. 

As inventory continues to shrink across most regions, one silver lining is that the economy is continuing to thrive. Larry “Boomer” Foster, president of Long & Foster Real Estate, remarked that it’s an interesting time in real estate.  

The economy is booming with low unemployment, rising wages and outrageously high consumer confidence. Home buyers are also plentiful, the only problem being there’s not enough homes to buy. 

Whether to rent or to buy is a quandary many people face at one point in their lives. Foster advised that buying is the more attractive option if you plan to stay in one place for at least 24 months. There are enormous benefits that come with buying a home that includes tax benefits, the ability to write off your mortgage interest and home price appreciation. When doing a cost-benefit analysis on renting versus buying, buying is more cost-efficient as the mortgage you pay will cause the amount you owe to go down, giving you more equity over time. 

The first thing you should ask when contemplating homeownership is whether you qualify. You should sit down with a qualified home mortgage professional at Prosperity Home Mortgage and they will be able to talk you through the different qualifications. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.