CHARLOTTESVILLE AREA HOUSING MARKET DATA

There was an increase in total units sold in October, with 232 sold this month in Charlottesville Area Real Estate versus 173 last month, an increase of 34%. This month's total units sold was higher than at this time last year, an increase of 8% versus October 2023.

Versus last year, the total number of homes available this month is higher by 15 units or 3%. The total number of active inventory this October was 496 compared to 481 in October 2023. This month's total of 496 is lower than the previous month's total supply of available inventory of 512, a decrease of 3%.

Last October, the median sale price for Charlottesville Area Homes was $437,635. This October, the median sale price was $492,000, an increase of 12% or $54,365 compared to last year. The current median sold price is 6% higher than in September.

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

In October, there was 2.1 months of supply available in Charlottesville Area, compared to 2.2 in October 2023. That is a decrease of 5% 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.

This month there were 288 homes newly listed for sale in Charlottesville Area compared to 275 in October 2023, an increase of 5%. There were 235 current contracts pending sale this October compared to 211 a year ago. The number of current contracts is 11% higher than last October.

In October, the average sale price in Charlottesville Area was 99.3% of the average list price, which is similar compared to a year ago.

This month, the average number of days on market was 30, higher than the average last year, which was 29, an increase of 3%.





FOCUS ON: CHARLOTTESVILLE AREA HOUSING MARKET			OCTOBER 2024

Units Sold 232	Active Inventory 496	Median Sale Price $492,000	Days On Market 30

Up 8% Vs. Year Ago	Up 3% Vs. Year Ago	Up 12% Vs. Year Ago	Up 3% Vs. Year Ago


		Units Sold There was an increase in total units sold in October, with 232 sold this month in Charlottesville Area Real Estate versus 173 last month, an increase of 34%. This month's total units sold was higher than at this time last year, an increase of 8% versus October 2023.
Active Inventory Versus last year, the total number of homes available this month is higher by 15 units or 3%. The total number of active inventory this October was 496 compared to 481 in October 2023. This month's total of 496 is lower than the previous month's total supply of available inventory of 512, a decrease of 3%.
		Median Sale Price Last October, the median sale price for Charlottesville Area Homes was $437,635. This October, the median sale price was $492,000, an increase of 12% or $54,365 compared to last year. The current median sold price is 6% higher than in September. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 288	Current Contracts 235	Sold Vs. List Price 99.3%	Months of Supply 2.1

Up 5% Vs. Year Ago	Up 11% Vs. Year Ago	No Change Vs. Year Ago	Down -5% Vs. Year Ago


		Months of Supply In October, there was 2.1 months of supply available in Charlottesville Area, compared to 2.2 in October 2023. That is a decrease of 5% 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 288 homes newly listed for sale in Charlottesville Area compared to 275 in October 2023, an increase of 5%. There were 235 current contracts pending sale this October compared to 211 a year ago. The number of current contracts is 11% higher than last October.
		Sale Price to List Price Ratio In October, the average sale price in Charlottesville Area was 99.3% 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 30, higher than the average last year, which was 29, an increase of 3%.


	*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.
	Information 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.