Is Rivanna, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Rivanna has remained a Seller's Market.
Key Takeaway
Rivanna is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rivanna, VA
How much do homes in Rivanna, VA cost?
Median Sold Price
$540,317
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rivanna have sold for 11.4% more than they did a year ago.
Summary: The median home sold price in Rivanna was $540,317 in May 2024, up 11.4% from last year, and the median price per square foot was $228.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $272.5K | $253K | -7.2% |
| 2 Bedrooms | $322.5K | $305K | -5.4% |
| 3 Bedrooms | $396.3K | $425K | +7.2% |
| 4 Bedrooms | $562K | $601.5K | +7.0% |
| 5+ Bedrooms | $706.5K | $882.5K | +24.9% |
Summary: Rivanna housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.2%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 24.9%.
Median Sold Price Compared To Nearby Cities
| Rivanna | $485K | $540.3K | +11.4% |
| Charlottesville | $467K | $512K | +9.6% |
| Rio | $450.5K | $452.3K | 0.4% |
Housing Supply in Rivanna, VA
How many homes are available in Rivanna, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 108 | 110 | +1.9% |
Summary: The Rivanna real estate market had 110 homes for sale in May 2024, a 1.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 50 | 61 | +22.0% |
| 4 Bedrooms | 40 | 37 | -7.5% |
| 5+ Bedrooms | 12 | 9 | -25.0% |
Summary: The Rivanna housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 22%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 27 | +42.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rivanna, you could pay more than the asking price. 37% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Rivanna in May 2024, up by 42.1% month-over-month. Of the 27 sold homes, 30% were sold under asking, 33% were sold at asking, and 37% were sold over asking.
Days on Market for Rivanna, VA
How long does it take to sell a home in Rivanna, VA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 8 Days | 21 Days | +155.3% |
Summary: Homes in Rivanna had an average of 21 days on market in May 2024, up by 155.3% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Rivanna are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 27 homes were sold in Rivanna; 89% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user.