Median sale prices increased in parts of the Charlottesville real estate market in March, and homes are continuing to sell at a steady pace, according to the Long & Foster Market Minute reports. The Charlottesville market includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties. The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

 

In the Charlottesville region, the real estate market saw increases in median sale prices in a number of areas when compared to March 2014, including a 34 percent jump in Greene County. Fluvanna County saw median sale prices rise by 22 percent, and Albemarle County experienced a 9 percent increase. In Nelson County, the median sale price decreased by 6 percent, followed by the City of Charlottesville with a decrease of 17 percent. The median sale price dropped by 55 percent in Buckingham County.

The number of units sold in the Charlottesville region increased in a few areas, including by 35 percent in Nelson County and by 27 percent in the City of Charlottesville. Other areas of the region experienced declines in the number of homes sold from 11 percent to 67 percent.

Active inventory decreased throughout the entire Charlottesville region. Greene County saw a 32 percent decrease, and the City of Charlottesville saw a decrease of 19 percent. In Albemarle County inventory fell by 18 percent, while it dropped by 15 percent in Fluvanna County and 9 percent in Nelson County. Inventory in Buckingham County decreased by 3 percent.

Homes are selling at a solid pace throughout the Charlottesville area, according to March data. In the City of Charlottesville, the average days on market (DOM) was 63 days, followed by Albemarle County with a DOM of 89 days. Fluvanna County experienced an average DOM of 107 days, while other parts of the region saw DOM averages ranging from 114 days to 169 days.

“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Charlottesville region, where we saw some increases in median sale prices and low inventory,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing market.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.