When Do Homes Come on the Market in Charlottesville and Albemarle? (2023)

It’s been a challenging year(s) for buyers in the Charlottesville area. While it’s been this way for years, the past three years have been exceptionally hard.

– Low inventory

– High prices

– Higher interest rates than a generation of buyers have seen

– 42% of American homeowners don’t have mortgages

– The baby chasers.

Questions? Ask me. 434-242-7140 or Jim@realcentralva.com

Right now in Charlottesville + Albemarle

  • 1,193 homes have been listed in the MLS since 1 January 2023
    • 285 of those are marked as new construction. (Searching for detached, attached, condo)
  • Changing the search, and looking at # of active listings, with no housing type specified, so I’m including proposed listings
    • 324 active listings; 139 (43%) are listed as new construction
    • 542 homes are pending; 250 (46%) are new construction.
  • Solds
    • 862 homes have sold so far*
    • Average sold price: $593,570
    • Median sold price: $475,000

* Right now: Sunday, 4 June,  around 7pm

What is the Charlottesville real estate market doing right now?

The best answer is the one I’ve said for most of my career – I’ll tell you in 18 months what happens tomorrow, combined with “I don’t know, but I’m trying to figure this out.” No one knows with certainty, but I think I have a reasonably educated and experienced prognostication.

Can you guess in what year I wrote this?

Every January starts with the predictive question – what’s the market going to do this year? And every year I say, I don’t know, but I’ll let you know in 18 months what the market does today.

Low inventory, low interest rates, and buyers wanting to buy …

2014. And many more times.

How many homes will come on the market that will fit you?

In 2017, I wrote a story laying out an answer to this question for Charlottesville, and for Albemarle. The logic and rationale remains the same, but the numbers have changed.

So have prices.

# in 2022 and % of new listings in 2022 (1,929)

New listings in Charlottesville + Albemarle

2015 2016 2017 2018 2019
# of new listings 2320 2276 2259 2384 2385
2020 2021 2022 2023
# of new listings 2138 2214 1929 802

# of new listings in Charlottesville + Albemarle* single family + attached, resale, Charlottesville + Albemarle, excluding new construction

** Data pulled around 7pm 6/2/2023

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