Median Home Sale Prices Increased Across Most of the Charlottesville Region in May

June 17, 2020
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Home sale prices increased across most of the Charlottesville region in May, according to the Long & Foster Real Estate Market Minute Report. Aside from the City of Charlottesville, which had a 2% decline, the rest of the region had increases ranging from 60% in Nelson County to 2% in Albemarle County. 

The number of homes sold decreased throughout the region, with Buckingham County declining by 71%, followed by Greene County with a 38% fall. Inventory also dropped, with declines ranging from 56% in Buckingham County to 22% in Greene County.  

Long & Foster Real Estate’s Market Minute report for the Charlottesville region includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties. 

Charlottesville Market Minute Chart May 2020

“Though we had a bit of a hiatus in April and May, we expect there to be a strong boom in June and July,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. Though the COVID-19 (coronavirus) pandemic, caused the market to slow down a bit, things are starting to pick back up. 

Mortgage rates dipped below 3% for the first time ever, allowing for more home buyers to become qualified. These low rates coupled with the pent-up demand for housing indicates that the market is going to be revitalized in the coming weeks. Though inventory continues to be a challenge, many of the homes that were taken off-market at the start of the pandemic have been listed again.  

Home showings also increased to their highest level since February; another indicator that demand is high and people are actively searching for a new home. However, it’s never been a better time to be a seller. Foster cautions against sellers becoming complacent due to it being a seller’s market, saying that sellers still prep the home for home showings, such as decluttering, staging and cleaning. Home buyers also need to be prepared by getting pre-qualified. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at