“Is it a sellers’ market?”
A potential client asked that question recently, specifically after we toured three neighborhoods in the immediate urban ring of Charlottesville. Each of the neighborhoods is in the County of Albemarle (meaning, County schools, police, fire, taxes, etc), but they are considered to be “Charlottesville” (22901, 22903 zip codes)
As I instinctively answered the question, I thought the answers were interesting, and worth sharing.
Seller’s market. Great location, high demand, short but consistent supply, lower (sub-$425K) price point, low days on market.
Balanced to sellers‘ market – reasonably high demand ($450K – $550K) lowish days on market, mature (by Charlottesville standards: ~15 years old) neighborhood, indirect competition with new construction.
Buyers‘ market – high days on market, high supply, ($400K – $500) tough topography, direct competition with new construction.
NB: Your market may vary; be aware of market reports, and be more aware of their limitations.