Is Charlottesville, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Charlottesville is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, Charlottesville has remained a Seller's Market.

Key Takeaway

Charlottesville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Charlottesville, VA

How much do homes in Charlottesville, VA cost?

Median Sold Price

$515,000

$257/sqft

Based on all homes sold in May 2024.

Difference Since Last Month

-$41,280(-7.4%)

Key Takeaway

Homes in Charlottesville have sold for 7.4% less than they did a month ago.

Summary: The median home sold price in Charlottesville was $515,000 in May 2024, down 7.4% from last month, and the median price per square foot was $257.

Median Sold Price By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 $393.5K$188.5K
-52.1%
2 $338K$356K
+5.3%
3 $510.7K$465K
-9.0%
4 $609.5K$652.5K
+7.1%
5+ $788.5K$1.2M
+64.2%

Summary: Charlottesville housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 52.1%, 2 bedroom homes increased by 5.3%, 3 bedroom homes decreased by 9%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 64.2%.

Median Sold Price Compared To Nearby Cities

Samuel Miller
+68.1%
Charlottesville
-7.4%

Housing Supply in Charlottesville, VA

How many homes are available in Charlottesville, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
528539+2.1%

Summary: The Charlottesville real estate market had 539 homes for sale in May 2024, a 2.1% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 2118
-14.3%
2 6860
-11.8%
3 222256
+15.3%
4 151149
-1.3%
5+ 6656
-15.2%

Summary: The Charlottesville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 14.3%, 2 bedroom homes decreased by 11.8%, 3 bedroom homes increased by 15.3%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes decreased by 15.2%.

Number of Homes Sold

Apr 2024May 2024CHANGE
128164+28.1%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

40 Homes Were Sold
At Asking

71 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Charlottesville, you could pay more than the asking price. 44.1% of homes here sold above asking price last month.

Summary: A total of 164 homes were sold or pending in Charlottesville in May 2024, up by 28.1% month-over-month. Of the 161 sold homes, 31% were sold under asking, 25% were sold at asking, and 44% were sold over asking.

Days on Market for Charlottesville, VA

How long does it take to sell a home in Charlottesville, VA?

Average Sale Time

Apr 2024May 2024CHANGE
17 Days11 Days-33.6%

Summary: Homes in Charlottesville had an average of 11 days on market in May 2024, down by 33.6% compared to last month.

Breakdown of Home Sale Times

147 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Charlottesville are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 164 homes were sold in Charlottesville; 90% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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