Areas of Charlottesville See Increased Median Sale Prices in January 2016

February 22, 2016

Market Minute LogoMany areas of the Charlottesville real estate market experienced increases in median sale price in January, 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.

Charlottesville MM Jan2016

Median sale prices in the Charlottesville region rose significantly in a number of areas when compared to the same month in 2015, with a 35 percent increase in Nelson County and a 28 percent increase in Fluvanna County. Greene County saw median sale prices increase by 23 percent, while prices declined by 8 percent in Buckingham County. The City of Charlottesville and Albemarle County saw declines of 11 percent and 31 percent, respectively.

The number of homes sold varied in the Charlottesville region in January when compared to the previous year. In the City of Charlottesville, the number of homes sold increased by 17 percent, and both Albemarle and Nelson counties saw no year-over-year change. Other areas experienced decreases of 17 percent to 58 percent.

Active inventory decreased throughout the Charlottesville region. Albemarle County saw a 24 percent decrease, and Greene County saw a decrease of 22 percent. In the City of Charlottesville inventory fell by 21 percent, while it dropped by 20 percent in Buckingham County and 13 percent in Nelson County. In Fluvanna County, active inventory droped by 12 percent.

In the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 78 days, followed by a DOM of 102 days in Fluvanna County and 124 days in Albemarle County. Other parts of the region saw DOM averages ranging from 124 days to 433 days.

“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Charlottesville region real estate market for 2016.”

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, Inc.