The Charlottesville residential housing market saw continued strength in October, with overall inventory declining, the number of homes sold on the rise, and median sale prices soaring. The Charlottesville market includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties.
Compared to last year, the region overall saw 19 percent fewer homes available to buy in October and a 21 percent increase in median sale prices. Thirteen percent more homes sold. There were 4.1 months of supply, a decrease of 28 percent versus a year ago.
“When median prices go up that much, it’s a very strong market,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “It’s an attractive place to live,” he said, noting a recent study by a national magazine that ranked Charlottesville third among the top 25 happiest cities in the United States.
A buyer in this market needs to enlist the help of a reputable agent who will be proactive in seeking out homes for sale in desired locations, Foster said. That could mean the agent is knocking on doors or writing letters to potential home sellers. Chances of helping a client secure a home also increase when the buyer has preliminary mortgage approval from a lender.
Foster cautioned that affordability could become more of a challenge for buyers in the coming year, when interest rates are expected to edge higher.
“If interest rates move up and prices continue to appreciate, as we believe they will, then the house you want today could be unaffordable for you in the future,” Foster said. “So if you want to get in, get in now. Don’t wait.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Charlottesville Area Association of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.