2018 Charlottesville Q3 Market Report

2018 Charlottesville Q3 Market Report

Fall is here and we are excited to release the 2018 Charlottesville Q3 Market Report. It is our mission at Nest to stay on top of market trends so that we can provide our clients with the highest level of insight and advocacy. By understanding the market, our clients can make confident, informed decisions.

2018 Charlottesville Q3 Market Report

The Charlottesville market is starting to turn as it slows down slightly from the historically high levels of activity and growth we’ve experienced over the last couple years. Across the Charlottesville MSA, total sales are up slightly, along with sales prices, but inventory and contract trends were relatively flat. Certain segments of our market, such as the City of Charlottesville, remain highly competitive but the inventory situation here is improving. Continue reading for highlights from the market’s third quarter performance.

2018 Charlottesville Q3 Market Report

QUICK TAKEAWAYS

Charlottesville MSA

  1. We are seeing the first real sign that the real estate market has begun to turn from a strong sellers market, to a more balanced market.
  2. Median sales prices for all three home types (detached, attached, and condos) were up. However, with detached homes (the standard bearer for real estate), the amount increase was only 2.2%, a slow down from our past few quarters.
  3. Inventory is on the rise, which is very healthy for our market. We are nearing a 6 month supply of detached homes. Only attached homes are in short supply.

City of Charlottesville

  1. The City has driven most of the growth and demand over the last 8-10 quarters, but this quarter, that has shifted, with inventory increasing nearly 45%.
  2. What had been a shortage of homes for the past few years (less than 2.5 month supply just a year ago) has turned to a balanced market very quickly.
  3. Prices are still climbing, and rapidly, in the City. Townhouses up over 20% in the last year, and single-family homes up more than 8.7% for the same period.

Albemarle County

  1. Sales may have been up by 6%, but the harbinger of things to come, contracts written, were off by 14% year-over-year.
  2. Days on market climbed in all three property types from the prior year. Additionally, while months of inventory is still extremely healthy at 5.74 months supply, it is an indication that the market is not as heated as it once was.
  3. We continue to see pressure from new construction altering the landscape for “newer” homes being re-sold. Buyers are going after new homes when they have the option, and the price differential is beginning to be significant.

Be sure to read the full 2018 Charlottesville Q3 Market Report for more insight.

Have questions about this report, or our local market in general? Contact your Nest Broker today to find out how your home fits into the current market.

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

×