2017 Charlottesville Annual Report

“How’s the market?”

2017 seems to have come and gone in a flash as we’re nearly three weeks into 2018 already. While everyone is busy making resolutions this time of year, at Nest, we’re busy answering one question, “How’s the market?” This is a question often posed to us as real estate Brokers and we understand the importance of providing our clients with the insight to make confident, informed decisions.

We are excited to release our 2017 Charlottesville Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in years past as well. Whether you’re considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.

For the sixth straight year, the Charlottesville MSA witnessed a growth in total number of homes sold. An ever-shrinking amount of inventory did not daunt homebuyers, whose sheer number drove a continued drop in available homes and led to a strong year, but set up 2018 with an even weaker inventory to start the new year. Declining inventory continues to be the biggest factor impacting our market.

Low inventory has lead to significant price jumps in most segments of the market, with Albemarle County experiencing one of the largest increases at more than 11%. If you think 56 homes for sale sounds like a small number, you are right. And with only 56 homes available on Jan 1 of 2018, The City of Charlottesville started the year with only a five week supply of homes. This marked a 30% decline from 2016 and a 57% decline from 2015 levels. These current market conditions strongly favor sellers with slightly less than four months of inventory across the entire MSA at the end of the year.

Within Albemarle County, Crozet and Keswick/East were two of the hottest segments of the market posting 12% and 15% year-over-year gains in total sales. New construction is prevalent in both of these areas which is a key factor in their significant sales growth. Barracks was the only area within Albemarle to experience a decline in sales this past year. There was a drastic spike in median sales price within the area which was due in part to an influx in new construction. Total sales increased in all the surrounding counties with the exception of Greene County where sales trends remained flat from 2016. With prices rising so significantly in the city and Albemarle, buyers are looking to the surrounding counties to get more bang for their buck.

Be sure to read the full 2017 Charlottesville Annual Report below to learn more about how the Charlottesville market performed in 2017. We hope that if you have questions or wish to learn more about what this report means for you that you will reach out to your Nest Broker. We welcome the opportunity to meet with you and discuss your real estate goals. We’re happy to help you Live Where You Love, and MOVE Boldly in 2018.

(We suggest viewing in fullscreen mode – click the icon at the bottom right.)

Spread the love

Written by
Posted in Charlottesville, Charlottesville Market Reports
Tags: , , , , , ,
Comments closed

Comments are closed.
Nest Realty
  • Charlottesville
  • 1135 Rose Hill Drive, Suite 100
  • Charlottesville, VA 22903
  • 434.566.0121
  •  
  • Greene
  • 67 Deane Rd
  • Ruckersville, VA 22968
  • 434.322.3586
  •  
  • Mountain Area
  • 2788 Rockfish Valley Hwy
  • Nellysford, VA 22958
  • 434.361.2440
© Nest Realty Group 2024

Join our Newsletter

×