Inventory Continues to Fall in Charlottesville Region as Prices Climb

October 18, 2017

MarketMinuteLogo2017smallMedian home sale prices increased in the Charlottesville region in September as the number of homes on the market declined, according to the Long & Foster Market Minute reports. The Charlottesville market includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties.

Charlottesville Market Minute Chart Sept 2017

Compared to last year, the region overall saw an 18 percent decrease in active inventory in September and an 11 percent increase in median sale prices. Eight percent fewer homes sold. There were 4.8 months of supply, a decrease of 10 percent versus a year ago.

“The whole market is remarkable, but pretty consistent with what we’ve seen most other months of this year,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. There was a seasonal slowdown between August and September, as students returned to school.

Inventory remains a challenge, but home shoppers are still looking for move-in ready, turnkey properties.

Buyers today, of whom millennials make up the largest generational group, lack the appetite for home remodeling that previous generations showed. Even at a discount, a fixer upper will likely take longer to sell.

“Millennials have other things they would rather be doing,” Foster said. “They like traveling and philanthropic pursuits, not a two- or three-month project in the home they just bought.”

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.