At the mid-year point, we are still in a seller’s market.
We’ve released the Mid-Year 2016 Nest Market Report for the Charlottesville area. The trends we experienced in the first quarter of 2016 continued throughout the second quarter as well. Inventory levels once again declined year-over-year, which as expected, pushed sales prices upward. This resulted in just a slight year-over-year increase in total sales.
Here are some highlights:
Charlottesville MSA
- Total sales increased 2% year-over-year
- Inventory levels declined 7% year-over-year
- Average days on market dropped to 81 days
Albemarle
- Total sales increased 2% year-over-year
- Average single family sales prices rose to $491,913
- Months of inventory fell to just 3 months
City of Charlottesville
- Total sales increased 7% year-over-year
- Inventory levels dropped 23% resulting in just 1 month of inventory at the end of June
- Median single family sales prices rose to $305,000
For real estate market updates on Fluvanna County, Greene County, Louisa County, and Nelson County, you can view the full Charlottesville Mid-Year 2016 Nest Market Report here.
Have questions about the report, or ready to start your home search? Contact your Nest Broker today to start the conversation.