The Long & Foster Market Minute

Focus On: Charlottesville Area Housing Market March 2021

Units Sold
364
Active Inventory
321
Median Sale Price
$365,000
Days On Market
52
Up 23%
Vs. Year Ago
Down -70%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -20%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 364 sold this month in Charlottesville Area Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 743 units or 70%. The total number of active inventory this March was 321 compared to 1,064 in March 2020. This month's total of 321 is lower than the previous month's total supply of available inventory of 336, a decrease of 4%.

Median Sale Price
Last March, the median sale price for Charlottesville Area Homes was $332,456. This March, the median sale price was $365,000, an increase of 10% or $32,544 compared to last year. The current median sold price is 5% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
534
Current Contracts
521
Sold Vs. List Price
98.1%
Months of Supply
0.9
Up 6%
Vs. Year Ago
Up 49%
Vs. Year Ago
No Change
Vs. Year Ago
Down -75%
Vs. Year Ago

Months of Supply
In March, there was 0.9 months of supply available in Charlottesville Area, compared to 3.6 in March 2020. That is a decrease of 75% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 534 homes newly listed for sale in Charlottesville Area compared to 503 in March 2020, an increase of 6%. There were 521 current contracts pending sale this March compared to 350 a year ago. The number of current contracts is 49% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Charlottesville Area was 98.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 52, lower than the average last year, which was 65, a decrease of 20%.

The Long & Foster Market Minute *Defined as the counties of Albemarle, Fluvanna, Greene, and Nelson and the city of Charlottesville in VA
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by CGAHR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of CGAHR or Long & Foster Real Estate, Inc.