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.

    Historic Properties in Charlottesville

    Historic Properties in Charlottesville

    United States history pretty much begins in Virginia with the founding of Jamestown in 1607.As the colonization of Virginia moved westward, the Piedmont Valley, bounded by the BlueRidge mountains to the west and sloping eastward to the Tidewater became recognized for...

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    How to Buy Country Property

    How to Buy Country Property

    You’ve been living the urban life for thirty years and dreaming of retiring to the country someday. Every weekend you drive down country roads and imagine that it’s you on that tractor, riding that horse, tilling that garden. Now it’s time to make it happen and you...

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    Rising Interest Rates: What Does This Mean For You?

    Rising Interest Rates: What Does This Mean For You?

    Little more than a year ago my clients were getting a 30 year fixed rate mortgage at 3%, a 15 year fixed at 2.5%. Sellers were getting stacks of offers and the most challenging job for a listing Realtor was determining which offer was truly the best for their client,...

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    Financing Country Property: The Best Strategy

    Financing Country Property: The Best Strategy

    Financing country property can certainly be a maze to navigate. A buyer looking at a lovely home on 75 acres near Charlottesville may be thinking that the timing is perfect. Prices have finally leveled off and inventory is coming back. Rates have bumped up lately but...

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    Your Dream Horse Farm

    Before we talk about your dream horse farm, I want to give you a bit of insight into my own personal journey and experiences with horses and horse farms. In my younger days I managed horse farms in Northern California, Southern California and deep east Texas. My...

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    Protected forever: Dutchmont, 100 acre oasis  near Charlottesville, Virginia

    Protected forever: Dutchmont, 100 acre oasis near Charlottesville, Virginia

    An extraordinary offering in the heart of the Keswick Hunt

    Just prior to the year 2000, three 100 acre parcels were created from the stunning 18th century plantation known as Windholme in southern Orange County, Virginia. A carefully conceived conservation easement was created to protect each parcel and the remainder from further development. 

    Plans were drawn by noted architect J. Kestner (and are available) for a most unique home sited to enjoy the long reaching views of this unspoiled Piedmont valley. Repurposing materials from an 19th century mill found in the Blue Ridge mountains, a dramatic four bedroom post and beam home was created exuding rustic character at every turn while benefitting from modern technology and efficiencies.

    For the horse enthusiast the situation could not be more opportune. The previous owner who was active with the Keswick hunt used the property as a hunt box and created an excellent five stall stable with a two bedroom apartment attached. There are several paddocks for turn out and marvelous riding opportunities on and around Dutchmont.

    Dutchmont is comprised of 100 acres of prime Virginia farm land. It has approximately 75 acres in gently rolling pasture and hayland with the balance in mature hardwood forest reaching to the top of a small mountain. The property is well watered with several springs, a stream and a large pond of several acres stocked with gamefish. Except for the horse paddocks, the farm is currently maintained by a neighboring farmer who makes hay and grazes cattle on the land.

    Dutchmont is located less than 10 minutes from the charming, historic town of Gordonsville and about 30 minutes from Charlottesville and the University of Virginia. Washington, DC is about two hours north.

    Price $3,200,000. MLS 631259.

    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 your consideration. The land and improvements are in pristine condition and the setting boasts amazing views of the Southwest and Blue Ridge mountains. Surrounded by properties under conservation easement for perfect peace of mind.

    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.