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.
- 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 …