That was fast. Way back in August, Charlottesville was one of the more “frothy” real estate markets, per USAToday (no longer available).
Today they report:
Also noteworthy: A few cities previously deemed very frothy dropped off the list. Worcester and Essex County, Mass., are no longer 30% overvalued, a sign that cooling is underway in many previously red-hot markets. Also dropping off the overvalued list: Jackson, Miss.; Bay City, Mich.; Portland, Maine; and Charlottesville, Va. …
What remains to be seen, DeKaser says, is whether the most overvalued markets will have an orderly price correction to more normal, historic price levels — or more painful declines.
The study’s 30% threshold for seriously overvalued markets is based on the typical degree of frothiness that preceded 63 known price declines since 1985.
“The slower pace of appreciation suggests that a return to normal valuations lies ahead,” says Philip Hopkins, managing director of U.S. regional services at Global Insight. (I have been saying this for months. -jd)
Is this news good, bad or indifferent?
Side note: my post in August, linked above and here, remains one of my better-researched posts.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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