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.

    Sign up here to receive a customized Charlottesville Real Estate Market Report.

    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.

    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...

    read more

    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...

    read more

    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....

    read more

    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.

    Hidden estate parcel on one of Albemarle County’s prettiest roads

    Hidden estate parcel on one of Albemarle County’s prettiest roads

    These 85 acres are situated between two farms and comprised of an ideal balance of open pasture, gently rolling woodland and a breathtaking mountainside. A trail network provides great access through the lower woods, (elevation 600 ft) and to the top of the property at nearly 1000 ft. A good well and electric are already on site as is fiber optic for high speed internet.

    If privacy, views and and a great value are among your priorities, this is a must see property.

    $590,000. MLS 606285. View full listing >

    March

    March

    Waiting for spring to pop. Warming temps have sent the crocuses up and the daffodils are poking up and looking around as well, not quite sure if they can trust these early 70’ days. The horses get their blankets off during the day and revel in a good roll. The Blue Ridge rise almost purple some days. Daylight savings cost us some sleep but gives us a little more time after work to enjoy the outdoors.

    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.

    Learn more about MLS 604183, 8655 Mission Home Road, Free Union in Greene County >

    Great new price on Burnley Cottage!

    Great new price on this sweet three bedroom cottage on 5.2 acres is just 10 minutes from Hollymeade Center, UVA Research Park and DIA.

    Enjoy the spacious family room with a gas fireplace, the four season sun room that generates passive solar warmth in the winter and cool breezes in the spring and summer, and the huge yard, landscaped and mostly wooded – perfect for pets and kids. Reduced $20,000. Now just $375,000.