Most of the Charlottesville area saw an increase in median sale prices in June, according to the Long & Foster Real Estate Market Minute Report. Greene County had the largest incline with a 13% rise, while Buckingham County had a 46% fall. Units sold fell in much of the region, aside from Buckingham County which had no year-over-year change. Inventory also declined across the region, with Buckingham County displaying the sharpest fall of 63%.
“June was an interesting month because we saw significant declines in inventory across the board,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. This has to do with the fact that many closings went under contract in April and May, so the available supply of homes quickly got taken off the market.
There are many buyers who are looking to purchase homes, and with buying power being very high, now is a great time to buy or sell a home. Mortgage rates are continuing to drop, and the stock market is steadily rising, so the market is incredibly hot right now. “For anyone who is thinking of buying or selling a home, now is the time to do it,” Foster advised, “the market tends to slow down around election month, so it isn’t prudent to wait.”
While many are still worried about the COVID-19 pandemic, real estate transactions are mainly handled virtually, so buying or selling a home is safer than going to the grocery store Foster said. While there may be some in-person interaction, all Long & Foster agents are fully trained on how to conduct business in a safe manner. From wearing a mask and gloves at all times to ensuring there are booties and hand sanitizer available at open houses, there is little to no risk to clients.