Yet another quarter has come to a close in 2014, which means it’s time again for the latest edition of the Nest Market Report. The third quarter (Q3) was an interesting one in the Charlottesville area marketplace, but the overall performance and market metrics were positive. Despite the fact that total sales were down on a year-over-year basis this past quarter, the fact that median sales prices have risen consistently over the course of 2014 year-to-date is an encouraging sign for homeowners. With inventory levels continuing to rise in conjunction with a the slower pace of sales, the market appears to be shifting in favor of buyers.
Check out the highlights below from this quarter’s report and read the full report here for more in-depth analysis.
- Total sales were down 7% compared to Q3 2013
- Median sales prices rose to $290,000
- Single family home sales rose by 6% and 9% in Albemarle and the City of Charlottesville respectively
- Total months of inventory rose to nearly 13 months at the end of Q3
Have questions about this report or want to know what it means for your specific situation? At Nest, we are committed to providing buyers and sellers with the data and information they need to make confident, informed decisions. Contact a Nest agent to learn more about how the market is trending and what it means for you.