Charlottesville VA Real Estate Market Update

Charlottesville VA Real Estate Market Update

Current mortgage rates for 30-year fixed is 5.65%

 

Consumers are being stretched thin by inflation, from the gas pump to the grocery store, and are beginning to slow their spending compared to last year.

Mortgage rates are rising at the quickest pace in 40 years, with a 30-year fixed-rate mortgage reaching the highest level since 2009 last week at 5.53%, as inflation keeps growing and there is speculation about an imminent economic slump.

Experts predict a real estate slowdown in the coming quarters: According to CoreLogic’s research of the country’s top regional housing markets, there are 70 regional housing markets with a greater than 40% chance of seeing home prices decrease in the coming year.

The perfect storm of increased demand due to Covid, a robust stock market, and low real estate inventory fueled a two-year buyer frenzy that saw prices rise 20% in a hot seller’s market; this affected Charlottesville real estate market and Charlottesville realtors as well.

Farm and estate specialists like Charlottesville Country Properties noted renewed appreciation for properties with acreage mirroring the national trend of migration from urban to rural lifestyles, especially from affluent professionals who can now work from home.

Recent mortgage interest rate increases and an unpredictable stock market have slightly tempered the Charlottesville real estate market, which may be a welcome trend for buyers waiting for the market to cool off a little.

We do not expect Charlottesville, VA, real estate prices to appreciate as quickly as they have over the last few years. Still, demand for farms, estates, and land should stay steady due to the work-from-home trend and the proliferation of broadband internet access even in once remote areas.

    Charlottesville VA real estate market trends

    REDFIN – September 2022

    • The median sale price of a home in Charlottesville, VA, was $403K last month, up 2.6% from the previous year.
    • Charlottesville’s average sale price per square foot is $291, up 13.2% from last year.
    • In general, Charlottesville home prices were up 2.6% year over year in July 2022, with a median price of $403K.
    • Homes in Charlottesville sell in 9 days on average, compared to 69 days last year.
    • In July of this year, 64 homes were sold, down from 70 in July the prior year.
    • The number of listings in the Charlottesville, VA, real estate market increased by 51% between July 2022 and August 2022.
    • The median list price in August 2022 was $439,999, while the average listing age was 48 days.
    • In July 2022, 277 homes were sold in Charlottesville, VA, up from 120 the previous year.

    Charlottesville Real Estate

    Call John Ince for information on new listings, price reductions and properties coming soon in the Charlottesville, VA area.

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    Market update for the Charlottesville real estate market including:  Albemarle County, VA, Orange County, VA, Madison County, VA, Greene County, VA, Nelson County, VA, Fluvanna County, VA, Louisa County, VA real estate.

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    Stunning 86 acre parcel on one of Albemarle county’s prettiest roads.

    Stunning 86 acre parcel on one of Albemarle county’s prettiest roads.

    Wildon Grove Road winds through a hidden valley in the Southwest Mountains and ends at a pretty little church. Along its way is this unique parcel of land comprised of multiple open meadows, a striking cedar forest on the low grounds, and mature hardwood forest as the property climbs from 600 to nearly 1000 feet in elevation.

    Numerous building sites exist offering complete privacy and wonderful views. A drilled well and electric service is already in place. Wonderful value at only $590,000.

    Great new price on Lowfields, over 3 million invested, now only $1,695,000!

    A 250 acre farm, rich in history,
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    The current residence, built in 2002, rests on a high knoll overlooking the James River and a breathtaking panoramic view of the Blue Ridge Mountains. The entire farm has been re-created since 2001 with white board fencing, exceptional outbuildings and a thoughtful layout for an efficient cattle operation.

    Lowfields was established sometime prior to 1822 when the original two over two brick home was built on acreage surrounding Bremo Plantation, an original land grant owned by John Hartwell Cooke a colleague of Thomas Jefferson. The lands of Bremo Plantation whose 5000 acres are now under conservation easement still surrounds Lowfields providing protection from future development. The c.1822 residence with original joinery, slate roof and hand cut nails has been stabilized by the current owners and is ready for further restoration if desired. It currently serves as a showcase for the owner’s dramatic gardens and and art collection.

    The bunk house in the barn complex is a work of art inviting night long gatherings around a roaring fire.

    The farm is about two thirds open pasture and hay land with excellent fencing. There is water and shade in every field. The farm was designed as a purebred Angus operation and has been maintained in meticulous condition for the last two decades. In addition to the infrastructure for cattle there is a grand, airy barn ideally suited for horses. The property has miles of trails and is within the Deep Run Hunt.

    VIEW PROPERTY BROCHURE (PDF) >

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    8655 Mission Home Road Free Union, Virginia

    8655 Mission Home Road Free Union, Virginia

    30-acre farm with a four-bedroom home, guest cottage, barn, stocked pond, and river frontage.

    Located in a pristine mountain hollow where a lot of folks are living off the land with huge gardens, orchards, chickens and livestock. You could too in this cozy four bedroom Cape with a full basement replete with a canning/root cellar and a woodstove that will heat the whole house. Don’t worry – it’s got a good heat pump, drilled well, and attached garage and even a long paved driveway.

     

    It even has a charming three-bedroom cottage overlooking the stocked pond and a great little bank barn with storage above and stalls below in case you want a horse or two which would thrive on the five acres of good pasture.

    The back of the property has beautiful frontage on the Lynch River with swimming holes for splashing on those hot summer days. You’d never know you were just 25 minutes to shopping at Hollymeade center.

    8655 Mission Home Road Free Union, Virginia

    30 acre farm with a four bedroom home, guest cottage, barn, stocked pond and river frontage.

    Located in a pristine mountain hollow where a lot of folks are living off the land with huge gardens, orchards, chickens and livestock. You could too in this cozy four bedroom Cape with a full basement replete with a canning/root cellar and a woodstove that will heat the whole house. Don’t worry – it’s got a good heat pump, drilled well, and attached garage and even a long paved driveway.

    It even has a charming three bedroom cottage overlooking the stocked pond and a great little bank barn with storage above and stalls below in case you want a horse or two which would thrive on the five acres of good pasture.

    The back of the property has beautiful frontage on the Lynch River with swimming holes for splashing on those hot summer days. You’d never know you were just 25 minutes to shopping at Hollymeade center.

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