2018 has been a successful year for real estate. At the beginning of the year, rates were down and even while they have steadily increased into the fourth quarter, there is still plenty of play in the market. Needless to say, if you’re interested in buying or selling a home in Charlottesville, Virginia, you should be aware of the current trends.
Charlottesville Real Estate has been on a steady incline this year. There were more homes sold compared to the same time period from last year and the median sales price has increased by about $5,000.
But, there’s more to know about these trends than what they present on the surface. Keep reading for an in-depth look at the Charlottesville Real Estate Market. It could help you prepare for one of the biggest decisions of your life.
The Current Charlottesville Real Estate Market
Finding a realtor in VA isn’t the hard part. Finding the perfect home may not even be too difficult if you have an outlined set of preferences and a healthy budget. The tricky part is understanding what the market is doing so that you can buy or sell at exactly the right time.
Here are some things to consider about what’s happening in Charlottesville with relation to real estate, right now. We’ll also discuss what you can look forward to in the coming months.
Median Sales Price
The median sales price in Charlottesville has been steadily increasing throughout the year with a 16% year-over-year rise. In September of 2017, the average home price was around $290K. This year, the average home is selling for about $315K.
The price per square foot of homes has been fluctuating this year but overall has risen to about $185 per square foot.
There was a steep decline in median rent prices in February, but the average has evened out to about $1,700 per month for the latter part of the year.
Of course, crime is just as important as the numbers. Knowing about criminal activity in a prospective neighborhood can help keep you more aware of crime in the area. This is especially helpful when comparing neighborhoods or homes.
According to Trulia, the most frequent crimes in the past year that have occurred in or near Charlottesville include 1,115 counts of theft, 714 assaults and 477 counts of vandalism.
The amount of and quality of schools in a neighborhood can make or break a deal when buying a home. You want your children to have the best and safest education possible.
There are a total of 61 schools in Charlottesville including elementary, middle, and high school. Do your homework on the ratings of each school before you decide on a neighborhood that’s right for you.
Looking at a Charlottesville map won’t tell you everything you need to know about the layout of the area. You should also be interested in the demographics to give you insights on your potential neighbors.
Charlottesville boasts a median household income of just under $56,000 annually. 56% of the population are homeowners and 46% are single. The median age is 36.
You will also find that 58% of adults living in Charlottesville are college educated.
There is a high demand for real estate in Charlottesville for the last half of 2018. Homes are selling faster than they were just one year ago making for a competitive market. This is signaling positivity for the market but could be a hindrance for those looking to buy a home.
The key advice for buyers right now is to look for homes in the upper price ranges in existing neighborhoods. Homes in the lower price ranges are especially hot and the competition will be greater.
With a high demand for homes in the Charlottesville real estate market this year, you can expect to sell your home relatively quickly. Inventory is low due to so many homes selling so fast. This means your home is one of only a few to choose from among buyers making it a competitive market where you can get what you’re asking for in terms of your selling price.
New home sales have made up over 20% of all area sales for most of 2018. And, while prices were steadily increasing, they seem to be leveling off for the remainder of the year. This could be due to the fact that builders are now projecting 2019 delivery.
There has been a significant increase in sales for those homes priced around $500-700K. This may also be attributed to the builders’ status on new construction.
What this all boils down to is that you may have to wait a bit for new construction. If you’re in a hurry to find a home, you may be better off searching for an existing structure.
Charlottesville Real Estate Market Forecast for 2019
Charlottesville, VA real estate has had its ups and downs in 2018 and seems to be leveling off for the last quarter of the year. As for moving into 2019, you can expect much of the same including rising home prices.
Some experts are predicting that there may not be as many buyers at the start of the year so you’ll want to price your home accordingly. Now is the time to make any necessary repairs to make sure your home is sale ready.
Charlottesville Real Estate appears to be holding steady for the last half of 2018. If you’re a buyer looking for the perfect home, make sure to do your homework on the specifics of the neighborhood before signing a contract. If you’re a seller, you can expect about a four-month turn around before finding a buyer.
Keep in mind that rising interest rates will have an effect on the sales market for real estate over the coming months. There are still, however, plenty of people shopping for homes and there will always be inventory.
If you’re looking to buy or sell your home in Charlottesville, feel free to contact me with further questions. I currently serve your local realtor association on the Board of Directors panel and am happy to help you with your home sale or purchase.