The Charlottesville area saw the number of homes for sale fall across the region in August, down as much as 53 percent in Buckingham County and 19 percent in Greene County, compared to a year earlier. Sales price trends were mixed, from a drop of 21 percent in Nelson County to an increase of 17 percent in Greene County.
Long & Foster Real Estate’s Market Minute report for the Charlottesville region includes the City of Charlottesville and Albemarle, Buckingham, Nelson, Fluvanna and Greene counties.
The number of homes sold in Charlottesville rose 43 percent, even with 5 percent fewer homes on the market. Prices were 9 percent higher. Days on the market were lowest in Greene County, at 43 days.
Inventory is reaching critically low levels in some areas, said Larry “Boomer” Foster, president of Long & Foster Real Estate. Price appreciation has been outpacing wage growth, and interest rates are edging higher as well, which will further affect affordability for many buyers.
“In the next 12 months, we’ll see some places where inventory will go back in the right direction, but keep in mind that it’s coming back from being very depressed,” Foster said. “Through next year, you’re going to see prices continue to rise along with strong demand, and that will cause some affordability challenges.”
For those who are ready to purchase a home, now is a great time because interest rates and home prices are expected to continue to trend up, Foster said. Fall is also a good time for sellers, if they follow their agents’ advice and make their homes as appealing as possible to the most potential buyers.
“You might have to spend a little money as an owner to get your house ready, but listen to what your real estate agent tells you,” he said. “If the recommendation is to stage your house, then stage your house. That could be the difference between getting top price or having it take longer to sell.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.
Information included in this report is based on data supplied by Charlottesville Area Association of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.