Charlottesville, VA Metro Area Housing Market Analysis - August 2024
The Charlottesville, VA metro area housing market in August 2024 presents a nuanced picture with several key indicators showing both growth and contraction.
The Median Sales Price for homes in the area stands at $490,000, reflecting a modest year-over-year (YoY) increase of 1.9%. Similarly, the Median List Price has risen to $479,900, marking a 2.3% YoY increase. This upward trend is also evident in the median Price Per Square Foot, which has surged by 6.0% YoY to $242.06. The Median List Price per square foot has also seen a rise, up 4.1% YoY to $240.84.
However, the number of Homes Sold has decreased by 3.5% YoY, with 275 Homes Sold in August 2024. Pending Sales have experienced a more significant decline, down 9.0% YoY to 223. New Listings have also dropped by 4.0% YoY, totaling 263 for the month. Despite these declines, the inventory has increased by 15.8% YoY, reaching 513 homes. This rise in inventory has contributed to an increase in the Months of Supply, which is now at 1.90 months, up 30.0% YoY.
The Median Days on Market for homes in Charlottesville is 18 days, showing a 7.0% YoY increase. This indicates that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio remains strong at 99.8%, with a minor YoY increase of 0.1%. Additionally, 36.4% of homes are sold above the list price, a 3.0% YoY increase, suggesting competitive bidding in the market.
Price Drops have been observed in 28.5% of listings, up 3.2% YoY, indicating some sellers are adjusting their expectations. The percentage of homes going off the market within two weeks is relatively stable at 44.8%, with a negligible YoY decrease of 0.1%.
In summary, the Charlottesville housing market in August 2024 shows a mix of rising prices and increased inventory, coupled with a decline in sales and New Listings. These trends suggest a market that is adjusting to changing conditions, with potential opportunities for both buyers and sellers.
