Number of homes sold hiked upward throughout most of the Charlottesville area in September, according to the Long & Foster Real Estate Market Minute Report. Nelson County had a 31% jump, while Albemarle County and City of Charlottesville both displayed a 27% increase.
Median home sale prices mostly rose throughout the region, with Buckingham County showing the biggest rise with a 27% incline, followed by Greene County with a 15% increase. Inventory dropped across most of the area, with declines ranging from 15% in Nelson County to 3% in Fluvanna County. Greene County saw the only increase in inventory at 9%.
Looking at the real estate market in September, Long & Foster Real Estate President Larry “Boomer” Foster said, “It’s a lot of the same story in many areas, including the Charlottesville area. Home prices are appreciating and inventory continues to contract.”
Foster mentioned that days on market are starting to climb upwards, which is normal for this time of the year. As the fall market comes to a close Foster expects “days on market to get larger and if the market corrects a little bit we’ll see some home price appreciation.”
With interest rates shrinking to their lowest point in early October, what people can afford is going to go up, which will lead to an increase in competition in the housing market. While this indicates that we will see home price appreciation throughout most markets, Foster said that “there’s no sign of hyper-appreciation, so we’re not at risk of creating a bubble. What it does mean is that people have more buying power.”
First-time homebuyers should be aware that they’re “operating in a space where there’s a lot of demand and not a lot of inventory,” Foster cautions. In the entry-level space it’s a seller’s market, so homebuyers need to come in strong and well-represented. Since real estate is so hyperlocal, it’s important to have a quality Long & Foster real estate agent who will help write a strong offer and “talk consumers through what the demand is and what the competition is like.”