2018 Charlottesville Mid-Year Market Report

2018 is now more than half way over and we are excited to release our 2018 Charlottesville Mid-Year Market Report. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.

Overall, the Charlottesville area real estate market has been churning at full tilt so far in 2018. Total sales continue to increase even as prices rise and inventory levels decline.

QUICK TAKEAWAYS

  • Total sales increased nearly 10% year-over-year across the Charlottesville MSA in the first half of the year. This is the largest year-over-year increase in total sales since they rose nearly 15% year-over-year in 2015. It also marks the seventh consecutive year of total sales growth for the first half of the year. Over that seven year span, total sales have increase more than 69%.
  • During the course of this same seven year span, sales prices have steadily climbed in conjunction with the growth in total sales. The median sales price in the first half of 2018 was $310,000 which is the first time it was been above $300,000. The primary driver behind the rising prices has been the decline in inventory. At the end of this past quarter, there was less than three months of inventory available. These inventory conditions strongly favor sellers as we are seeing the principles of supply and demand at work. Buyer demand remains high and with inventory declining, this puts upward pressure on prices. If these conditions persist, prices are likely to continue rising.
  • Declining inventory levels coupled with strong buyer demand has also led to homes selling at a faster pace. In the Charlottesville MSA, average days on market dropped to 57 days, a nearly 15% decline compared to the first half of 2017. The City of Charlottesville had the lowest average days on market within the Charlottesville MSA at 26 days. In certain pockets of the city, days on market was even lower. These conditions often lead to multiple offer situations and homes selling at or above asking price.

Be sure to check out the full 2018 Charlottesville Mid-Year Market Report here for more info on how the market performed in the first half of the year.

Whether buying or selling, it is increasingly important in current market conditions to talk with your Nest Broker about how your home fits into the bigger picture. They will advise you and prepare you to make knowledgable decisions and help you achieve your real estate goals. Interested in what’s happening in other markets? To view all of our area market reports, click here.

Have questions? Contact your Nest Broker today.

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