Welcome to the Charlottesville 2021 Annual Report. At the beginning of each year, we engulf ourselves in the sales charts, devour the data, look back at goals set, and check in on how our predictions for the past year held true. We do our best to learn from the past and prepare our clients and agents for the new year ahead.
With that, we present you with this synopsis of the national, regional, and localized trends that matter most to you, found here in our Charlottesville 2021 Annual Report.
Whether your 2021 was personally challenging or successful, embarking on 2022 with a clear understanding of the data can help you make the best possible decisions to achieve your real estate goals. We have scoured the data to bring you information on the national, regional, and localized trends that matter most to you.
We pride ourselves on our ability to find useful trends in the sales information we review every year. Last year at this time, we continued our mantra that something had to change in available resale inventory if the market was to begin to normalize. This year, we saw the very predictable impact of the lack of homes in our area: higher prices.
As happens in nearly every marketplace, low supply and high demand results in price increases, and neighborhoods in Charlottesville were no exception.. And our local real estate market is no exception. Across our six county area, median prices went up in every county and for every property type. This wasn’t just a factor of size or location or type; prices were up nearly everywhere. When we look at prices by size, those numbers were right in line with total price changes.
But the number that surprised us the most was that though new listings were down substantially, that still didn’t slow sales. Even with fewer homes available, sales continued to expand. Which brings us back to the same place we were last year: looking for additional homes to come on the market and calm the anxiety that shortages have caused. Without the balance, prices will become the limiting factor in sales in 2022.
We hope you enjoy this 2021 Annual Report. Questions? Concerns? Exciting plans you can’t wait to share? We’re just a call away!