Most parts of the Charlottesville real estate market experienced an increase in median sale price in March, 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.
Median sale prices increased in many parts of the Charlottesville region in March when compared to the same month last year. Greene County experienced a 43 percent increase in median sale price, followed by Fluvanna County with a 33 percent increase. In Albemarle County, the median sale price rose by 26 percent, and in Nelson County it increased by 22 percent. In the City of Charlottesville, the median sale price increased by 10 percent, while in Buckingham County it fell by 14 percent.
The number of homes sold varied in the Charlottesville region in March when compared to the previous year. Fluvanna County saw a 60 percent increase and Greene County experienced a 29 percent increase. In Nelson County, the number of homes sold increased by 28 percent year-over-year. Other areas of the region saw the number of homes sold decrease by 15 percent to 29 percent.
Active inventory decreased in most of the Charlottesville region in March. Fluvanna County saw a 40 percent decrease, followed by Greene County with a decrease of 29 percent. In the City of Charlottesville, active inventory fell by 18 percent, and it fell by 16 percent in Albemarle County. Nelson County experienced an 8 percent drop in active inventory, while Buckingham County experienced a 31 percent increase.
In March, the City of Charlottesville experienced a days on market (DOM) average of just 26 days, followed by Albemarle County with a DOM average of 92 days. In Fluvanna County, the DOM average was 93 days and Greene County experienced a DOM average of 154 days. In Buckingham County, the average DOM was 210 days, followed by Nelson County with a DOM average of 226 days.
“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Charlottesville region where median sale prices increased in many areas,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to 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. 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.