Spring has sprung and the first quarter of 2017 is in the books. We are excited to release the Q1 2017 Charlottesville Nest Report. So far in 2017, we’ve experienced many of the same trends we saw in 2016. Inventory remains low throughout the region which has led to continued price increases. Additionally, total sales have been constrained by the limited inventory and rising prices. There are still an abundance of buyers in the marketplace, but many are proceeding cautiously given current price trends. Current market conditions still heavily favor sellers.
Continue reading for the highlights from this past quarter and be sure to read the full report here.
Charlottesville MSA
- Total sales are up slightly, rising 2% compared to Q1 2016
- Median sales price rose from $250,000 in Q1 2016 to $270,000 this past quarter
- Inventory levels dropped 2% year-over-year
City of Charlottesville
- Inventory dropped 22% compared to the end of Q1 2016
- Total sales were down 13% year-over-year
- Average days on market was 45 days, the shortest of any area in the Charlottesville MSA
Albemarle County
- Median sales price rose more than $75,000 compared to Q1 2016
- Total sales were flat
- Contract activity was up 10% year-over-year
For more information on how our local real estate market performed including Fluvanna, Greene, Louisa, and Nelson counties, be sure to check out the full Q1 2017 Charlottesville Nest Report.
Have questions? Contact your Nest agent today to learn more and find out what this report means for you.