The Long & Foster Market Minute

Focus On: Greater Charlottesville Housing Market May 2020

Zip Code(s): 22902, 22903, 22901 and 22911
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -30%
Vs. Year Ago
Down -39%
Vs. Year Ago
Down -1%
Vs. Year Ago
Up 33%
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 154 sold this month in Greater Charlottesville Real Estate versus 137 last month, an increase of 12%. This month's total units sold was lower than at this time last year, a decrease of 30% versus May 2019.

Active Inventory
Versus last year, the total number of homes available this month is lower by 199 units or 39%. The total number of active inventory this May was 310 compared to 509 in May 2019. This month's total of 310 is lower than the previous month's total supply of available inventory of 375, a decrease of 17%.

Median Sale Price
Last May, the median sale price for Greater Charlottesville Homes was $373,000. This May, the median sale price was $370,500, a decrease of 1% or $2,500 compared to last year. The current median sold price is 1% lower than in April.

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

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Down -37%
Vs. Year Ago
Down -8%
Vs. Year Ago
Down -0.7%
Vs. Year Ago
Down -13%
Vs. Year Ago

Months of Supply
In May, there was 2.0 months of supply available in Greater Charlottesville, compared to 2.3 in May 2019. That is a decrease of 13% 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 173 homes newly listed for sale in Greater Charlottesville compared to 276 in May 2019, a decrease of 37%. There were 195 current contracts pending sale this May compared to 212 a year ago. The number of current contracts is 8% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Greater Charlottesville was 97.6% of the average list price, which is 0.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 52, higher than the average last year, which was 39, an increase of 33%.

The Long & Foster Market Minute Greater Charlottesville are defined as properties listed in zip code/s 22902, 22903, 22901 and 22911.
*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.