Each quarter of the year Virginia Realtors and the Charlottesville Area Association of Realtors (CAAR) compile market data of sold and listed properties during the quarter. HERE IN THIS LINK, and below, are direct links to the full 2021 Q3 Market Report which you can view or download if you prefer.
We are continuing to see strong market activity. Inventory in our area has continued to fall although some parts of the state have seen an increase in listings. An important number to note is 1.5; there is only 1.5 months of inventory in the Central Virginia market. In other words at the current rate of sales it would only take 1.5 months to sell all of the homes that are currently listed for sale. This is down from 2.5 months a year ago.
The median sales price has continued to climb to $365,000
We are also seeing a return of buyers to some of the more urban markets, with an uptick in condos and multi-family in certain areas. There has been a start of cooling in some areas of the state. Last year during the pandemic we lost all of the seasonality in the market, but maybe now we are starting to see a return to seasonality. Going forward we expect to remain in a sellers’ market due to the low inventory. To note, 6 months of inventory is considered a balanced market and anything below 6 months is a sellers’ market.