The Charlottesville real estate market is changing. Shifting. Fracturing. Differing.
The top-level highlights for the curious Charlottesville real estate consumer, or for those of you who are actively considering buying or selling a home in Central Virginia this year:
- Real estate inventory is up, higher than we have seen in years.
- Prices are subsiding. Which is good.
- Price sensitivity is very real – buyers know the market intimately, and are less inclined to make an offer on/buy a home that needs work.
- Home inspections are common again. I know that most of you know this, but sometimes the knowledge lingers without being refreshed.
- Tariffs are causing concern. More than the tariffs, uncertainty is concern.
Quick data points from 1 January to 30 April
Pulled from the most recent CAAR report
- “The supply of active listings continues to grow in the region. At the end of the first quarter there
were 875 active listings on the market in the CAAR footprint, 203 more listings than a year ago.” — this, plus uncertainty, is the story of the Charlottesville market right now. - 30% – “Percent change in active listings at the end of Q1-2025 in the CAAR”
- “Both the national and state economy are facing uncertainty due to trade war developments—along with federal workforce and spending cuts in Virginia. The economic indicators were largely signaling strength through Q1, but it’s too soon to see impacts from the mounting uncertainty, as it will take time for these policies to work their way into the economy and in some cases they are still being planned/changed in real-time (e.g., tariff negotiations, federal agency RIFs).
Advocating for certainty and clarity of message and intent shouldn’t be a political thing, but here we are.
Questions I go into when doing client market analyses that aren’t covered in top-level analysis or commentary
- How many contracts were canceled?
- How many homes expired?
- How many homes had price reductions before contract?
A few data points
That I’m asked frequently:
How many days will it take to sell my house?
In Albemarle & Charlottesville from 1 January to 30 April last year, single family homes, not new construction, 412 contracts were written, and the median days on market was 5. About 270 of the 412 went under contract in 7 days or less, so about 66% of homes listed in that time last year went under contract quickly. This year in that timeframe, 372 homes went under contract, median days on market were 6, and about 216 went under contract in 7 days or less – about 57%. Not bad, but not as good as last year.
Is it too late to buy or sell a home in Charlottesville in 2025?
Nope. Last year, 1,253 resale homes sold in Charlottesville and Albemarle. 697 closed from 1 July to 31 December. There’s still plenty of time.
What is the list to sale price ratio?
Great question. And one that would be irresponsible to answer here. It depends. A broad answer would be meaningless to deceptive as that would not reflect your specific market segment.
Can I read or skim that market report?
Sure thing. Download the Charlottesville real estate market report for the 1st Quarter of 2025 here, and please ask me what questions you have as to how the data and analysis relates to you.
