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...
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
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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.
The perfect storm of increased demand due to Covid, the lowest mortgage rates in history, a robust stock market and low…
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...
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...
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....
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...