A number of areas in the Charlottesville real estate market experienced an increase in median sale price in October, 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 a number of areas of the Charlottesville region when compared to the same month last year, with an 80 percent increase in Buckingham County. In Fluvanna County, the median sale price rose by 14 percent, followed by Greene County with a 7 percent increase. In the City of Charlottesville, the median sale price increased by 5 percent, and in Albemarle County it did not change from the previous year. Nelson County experienced a 21 percent decline in median sale price.

The number of homes sold varied in the Charlottesville region in October when compared to the previous year, with the City of Charlottesville experiencing an increase of 4 percent over the previous year. In both Albemarle and Fluvanna counties, the number of homes sold increased by 3 percent. Nelson County experienced a 19 percent decline in the number of homes sold, while in Buckingham and Greene counties, the number of homes sold fell by 22 percent and 26 percent, respectively.

Active inventory decreased in the Charlottesville region in October. The City of Charlottesville saw a 31 percent decrease, followed by Albemarle County with a decrease of 27 percent. In Buckingham County, active inventory fell by 26 percent, and it fell by 22 percent in Fluvanna County. Nelson County experienced a 14 percent drop in active inventory, while Greene County saw a 10 percent decline.

In Albemarle County, homes sold at a steady pace with a days on market (DOM) average of 64 days in October, followed by a DOM average of 72 days in the City of Charlottesville and 81 days in Fluvanna County. In Greene County, the DOM average was 83 days, while other areas experienced DOM averages of 130 days to 179 days.

“The U.S. economy saw promising signs in October, such as an uptick in wage growth and higher-than-expected retail sales. In the housing market, we continued to see positive trends as well, including in the Charlottesville region where we saw rising median sale prices,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although low inventory has increased the burden on demand for homes, many are still purchasing property in an effort to take advantage of low mortgage rates.”

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.