Most areas of the Charlottesville real estate market experienced an increase in median sale price 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.
Median sale prices increased in many parts of the Charlottesville region when compared to the same month in 2015, with an 89 percent increase in Buckingham County. Albemarle County experienced a 12 percent increase, while the median sale price rose by 8 percent in the City of Charlottesville. In Nelson and Greene counties, the median sale price increased by 7 percent and 2 percent, respectively. Fluvanna County experienced a 10 percent decline in median sale price in June.
The number of homes sold increased in areas of the Charlottesville region in June when compared to the previous year, with Buckingham County experiencing a 133 percent increase over the previous year. In Greene County, the number of homes sold increased by 7 percent, followed by Nelson County with a 5 percent increase. Albemarle County experienced a 3 percent increase compared to the previous year and both Fluvanna County and the City of Charlottesville experienced declines of 5 percent.
Active inventory decreased in the entire Charlottesville region. Buckingham County saw a 50 percent decrease, and the City of Charlottesville saw a decrease of 24 percent. In Albemarle County inventory fell by 16 percent, while it dropped by 12 percent in Fluvanna County and 11 percent in Nelson County. In Greene County, active inventory declined by 7 percent.
In Albemarle County, homes sold at a steady pace with a days on market (DOM) average of 60 days, followed by a DOM of 62 days in Greene County and 63 days in the City of Charlottesville. Other parts of the Charlottesville region saw DOM averages ranging from 66 days to 215 days.
“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”
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.