Median Home Sale Prices Increase in Charlottesville as Inventory Falls

September 21, 2017

Market Minute Logo 2017Median home sale prices increased in most parts of the Charlottesville region in August 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 Aug 2017
Compared to last year, the region overall saw a 15 percent decrease in active inventory in August and a 7 percent increase in median sale prices. It would take 3.6 months to sell the August inventory if demand remained steady, which is a 22 percent decrease from a year earlier. Generally, less than a six-month supply is considered a seller’s market.

“You’re seeing the same trends regardless of where you are,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. “Employment across Virginia is very strong, interest rates are low, confidence is high, and you’ve got 84 million millennials, a huge percentage of whom want to own a home.”

Many current homeowners are not putting homes on the market, Foster said. They may have refinanced at favorable interest rates that they don’t want to give up, and the lack of inventory might also be keeping some from moving up or downsizing.

“It’s a great time to sell, if you have somewhere to go,” Foster said. “At most price points, sellers have very little competition and a great deal of demand.”

Foster said buyers should go into the home-buying process prepared. That means finding an agent and lining up financing before you start looking. If you find a desirable property before enlisting the help of an agent and securing a lender, you risk losing out to a more prepared buyer.

“Get your credit together and find a good, proactive Long & Foster real estate agent,” Foster said. “You’re going to need someone who’s an expert negotiator, someone who knows the marketplace better than anyone else, and who’s a trusted advisor to help you through a relatively complex transaction.”

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.