Jul 201717

Median Sale Prices Rose in Areas of the Charlottesville Market in June

Jul 201717

Median Sale Prices Rose in Areas of the Charlottesville Market in June

Market Minute Logo 2017A number of areas in the Charlottesville real estate market experienced an increase in median sale prices of homes in June, 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 based on data provided by Charlottesville Area Association of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Charlottesville Chart June 2017

Median sale prices increased in many parts of the Charlottesville region in June when compared to the same month last year. Buckingham County experienced a 65 percent increase in median sale price, followed by Greene County with a 23 percent increase. In Albemarle County, the median sale price rose by 10 percent, and it rose by 1 percent in Fluvanna County. The City of Charlottesville experienced a 3 percent decrease in median sale price, while Nelson County saw a decline of 6 percent.

The number of homes sold varied in the Charlottesville region in June when compared to the previous year. Nelson County saw a 19 percent increase in home sales, while Fluvanna County experienced a 17 percent increase. In Greene County, the number of homes sold increased by 14 percent. In Albemarle County, the number of homes sold decreased by 3 percent, and in the City of Charlottesville, it decreased by 11 percent. In Buckingham County, the number of homes sold fell by 44 percent.

Active inventory decreased in most of the Charlottesville region in June. Greene County saw a 32 percent decrease, followed by Fluvanna County with a decrease of 29 percent. In Albemarle County, active inventory fell by 17 percent, and it fell by 13 percent in both the City of Charlottesville and Nelson County. Buckingham County experienced a 37 percent increase in active inventory.

In June, Greene County experienced a days on market (DOM) average of 35 days, followed by the City of Charlottesville with a DOM average of 39 days. In Albemarle County, the DOM average was 49 days and Fluvanna County experienced a DOM average of 59 days. In Buckingham County, the average DOM was 61 days, followed by Nelson County with a DOM average of 293 days.

“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”

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. Information included in this report is based on data supplied by CAAR, which is not responsible for its accuracy. The reports 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.