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.

    Frascati Estate for Sale

    Frascati Estate for Sale

    A rare opportunity to acquire a significant historic estate in a superb location just 30 minutes from Charlottesville and the University of Virginia.   The house is described in the Virginia andmarks Registry as well as in the National Register of Historic Places...

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    Magificent New Farm Listing Near Barboursville

    Magificent New Farm Listing Near Barboursville

    For anyone who has been waiting patiently for the perfect property to come on the market, it’s been worth the wait! Stilwin with 183 acres, nestled in a private valley less than 20 minutes from Charlottesville is available for...

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    Elegant short term rental in Somerset!

    Elegant short term rental in Somerset!

    Gaby and I are thrilled to present Maple Crest as a delightful short term rental less than 15 minutes from five wineries, great antiquing in Orange and Gordonsville and just 30 minutes from Charlottesville and UVA. We would love to host you for a weekend or a week....

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    January

    January

    Another dreary day in January; overcast, 34 degrees and muddy underfoot. I was contemplating this morning as I was squishing back to the house in the near dawn after feeding the horses and chickens..they’re sleeping. All the barren trees, the pruned back shrubs, the wilted fronds of the summer’s hostas, lillies, irises, mums and bee balms. This is their night as they rest in their roots and branches, snuggling in under a blanket of leaf mulch and soft soil, enjoying a well deserved rest after an energetic summer during which we enjoyed their fruits, flowers and fragrances.  Sleep well friends, we’ll see you in the morning! BTW, there is no better time to look at country property than in the winter. No bugs, no brambles and you can see through the woods. Call me for an update on new listings!

    View Country Property Listings

    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.

    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.

    Just listed: Stunning Custom Home on the Side of a Mountain, with High Speed Internet!

    Just listed: Stunning Custom Home on the Side of a Mountain, with High Speed Internet!

    Work from home while immersed in nature in this superb custom home with one floor living and fiber optic internet.  You’ll bask in the luxury of fine construction and sublime detail with four bedrooms and four and a half baths while just two miles from a trail head of the iconic Appalachian Trail.

    Walking through the front door feels like you are walking into a forest with an array of picture windows to capture the views and a full length deck offering a bird’s eye view of the hardwood canopy and the valley below.

    The c. 2010 home has been maintained in perfect condition with three bedrooms including a light drenched master suite on the first floor. There is a private guest suite with a full bath on the second floor and a full unfinished walkout basement with another bedroom and full bath ready to finish and a two car garage. HVAC is in three zones with heat pumps and LP gas back up. Water is from a generous drilled well.

    Greenstone is on 8 acres with a moderate slope. There is nice landscaping around the home and meandering trails throughout the acreage revealing different views at every turn.  

    While very private, the charming town of Stanardsville is a mere ten minutes away with Charlottesville, Harrisonburg and Washington DC all easily accessible.