Sales Down, Inventory Up in Charlottesville Area Housing Market -3Q 2022

Sales down, inventory up in Charlottesville

Coming as no surprise to anyone paying attention to the Charlottesville area real estate market, home sales are down, the number of homes for sale is up, and closed sale prices are still reflecting homes that went under contract 45-90 days ago.

 

Download the full Charlottesville area housing report – 3rd Quarter 2022.

 

Takeaways

  • Inventory up
  • Sales are down
  • Prices don’t yet reflect this market.
  • A conversation with a professional (like me) is the best way to understand how the market affects you and your decisions as to whether you should consider buying or selling a home in Charlottesville.

Repeating what I wrote in last month’s monthly note

No one knows what will happen with the economy or real estate market. Right now, all we have are questions and speculations. We know that the real estate market is changing, prices are sticky, and people still need shelter.

We’ve not seen this before — peak prices + peak mortgage interest rates + stock market crash + unprecedented velocity of inflation + a housing shortage + most homeowners having a significant amount of equity and not needing/wanting to sell. Plus a lot more.

Add to that list the fact that life continues to happen — marriage, divorce, kids, kids moving out, parents moving to be close to grand kids, kids moving to be close to grandparents, job changes, and on and on. Life happens. And it will continue to do so.

What my clients want to know is, “Should I buy or sell right now? Can I?”

The best answer is, “It depends,” and that answer will be refined after thoughtful and informed discussions, data, and analysis of all of the above.

My role for my clients is to provide the best, most relevant, and most accurate information so they can make the best decision possible for themselves.I half-joked with a client the other day, “My advice at 10:30 today is this; at 2:30 today, it might be different.”

Questions about buying?

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Just want to have a conversation about what’s happening in the market?

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