Many areas of the Charlottesville real estate market experienced an increase in median sale price in April, 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 in the Charlottesville region varied when compared to the same month in 2015, with a 57 percent increase in Nelson County and a 51 percent increase in Greene County. Buckingham County saw median sale prices increase by 28 percent, while prices rose by 13 percent in Albemarle County. The City of Charlottesville experienced a 7 percent increase in median sale price, and Fluvanna County saw the area’s only decline of 16 percent.
The number of homes sold varied in the Charlottesville region in April when compared to the previous year, with Buckingham County experiencing a 22 percent increase over the previous year. In Fluvanna County, the number of homes sold increased by 12 percent, followed by the City of Charlottesville with an 11 percent increase. Other areas experienced declines of 1 percent to 29 percent.
Active inventory decreased in the Charlottesville region. Buckingham County saw a 45 percent decrease, and the City of Charlottesville saw a decrease of 26 percent. In Albemarle County inventory fell by 18 percent, while it dropped by 13 percent in Greene County and 9 percent in Nelson County. In Fluvanna County, active inventory declined by 4 percent.
In the City of Charlottesville, homes sold at a steady pace with a days on market (DOM) average of 68 days, followed by a DOM of 70 days in Greene County and 96 days in Albemarle County. Other parts of the Charlottesville region saw DOM averages ranging from 109 days to 169 days.
“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Charlottesville region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into summer.”
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.