Portions of the Charlottesville real estate market experienced favorable movement in median sale prices in November, 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 2014, increasing by 50 percent in Buckingham County and by 20 percent in Albemarle County. The City of Charlottesville saw median sale prices decrease by 1 percent, followed by a 2 percent decrease in Fluvanna County. In Greene County, median sale prices decreased by 17 percent, while they decreased by 32 percent in Nelson County.

The number of homes sold decreased in most of the Charlottesville region, though in Fluvanna County it increased by a healthy 38 percent. Albemarle County experienced a 9 percent decline, while other areas saw drops of 20 percent to 32 percent.

Active inventory decreased throughout the Charlottesville region. Greene County saw a 30 percent decrease, and Nelson County saw a decrease of 22 percent. In the City of Charlottesville inventory fell by 15 percent, while it dropped by 13 percent in Albemarle County and 8 percent in Buckingham County. Inventory in Fluvanna County fell by 2 percent.

In Greene County, homes sold at a steady pace with a days on market (DOM) average of 45 days, followed by a DOM of 71 days in Fluvanna County and 72 days in the City of Charlottesville. Other parts of the region saw DOM averages ranging from 119 days to 144 days.

“November brought a number of positive things to the United States’ economy, with additional jobs and increases in home construction being among them, and we saw good signs within the Long & Foster market as well,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Within the Charlottesville region, we saw continued improvements in median sale prices in some areas, and we anticipate a steady and healthy real estate market in 2016.”

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, Inc.