The Long & Foster Market Minute

Focus On: City of Charlottesville Housing Market October 2021

Units Sold
75
Active Inventory
84
Median Sale Price
$386,500
Days On Market
39
Up 10%
Vs. Year Ago
Down -35%
Vs. Year Ago
Down -2%
Vs. Year Ago
Down -5%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 75 sold this month in City of Charlottesville Real Estate versus 74 last month, an increase of 1%. This month's total units sold was higher than at this time last year, an increase of 10% versus October 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 46 units or 35%. The total number of active inventory this October was 84 compared to 130 in October 2020. This month's total of 84 is lower than the previous month's total supply of available inventory of 110, a decrease of 24%.

Median Sale Price
Last October, the median sale price for City of Charlottesville Homes was $392,465. This October, the median sale price was $386,500, a decrease of 2% or $5,965 compared to last year. The current median sold price is 11% lower 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
70
Current Contracts
88
Sold Vs. List Price
101.2%
Months of Supply
1.1
No Change
Vs. Year Ago
Up 29%
Vs. Year Ago
Up 2.1%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In October, there was 1.1 months of supply available in City of Charlottesville, compared to 1.9 in October 2020. That is a decrease of 41% 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 70 homes newly listed for sale in City of Charlottesville, which is similar to the amount in October 2020. There were 88 current contracts pending sale this October compared to 68 a year ago. The number of current contracts is 29% higher than last October.

Sale Price to List Price Ratio
In October, the average sale price in City of Charlottesville was 101.2% of the average list price, which is 2.1% higher than at this time last year.

Days on Market
This month, the average number of days on market was 39, lower than the average last year, which was 41, a decrease of 5%.

The Long & Foster Market Minute
*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.