Is Albemarle County, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Albemarle County is a seller's market

Buyer's
Market

Difference Since Last Month

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

Key Takeaway

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

Housing Prices in Albemarle County, VA

How much do homes in Albemarle County, VA cost?

Median Sold Price

$513,750

$248/sqft

Based on all homes sold in May 2024.

Difference Since Last Month

-$18,500(-3.5%)

Key Takeaway

Homes in Albemarle County have sold for 3.5% less than they did a month ago.

Summary: The median home sold price in Albemarle County was $513,750 in May 2024, down 3.5% from last month, and the median price per square foot was $248.

Median Sold Price By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 $330K$127.5K
-61.4%
2 $317K$255K
-19.6%
3 $472.3K$458.5K
-2.9%
4 $614.5K$629.9K
+2.5%
5+ $867.5K$968.6K
+11.7%

Summary: Albemarle County housing prices by bedroom type for May 2024 compared to the previous month: The home price of 1 bedroom homes decreased by 61.4%, 2 bedroom homes decreased by 19.6%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 11.7%.

Median Sold Price Compared To Nearby Counties

Buckingham County
-0.4%
Albemarle County
-3.5%

Housing Supply in Albemarle County, VA

How many homes are available in Albemarle County, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
500532+6.4%

Summary: The Albemarle County real estate market had 532 homes for sale in May 2024, a 6.4% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 109
-10.0%
2 3328
-15.2%
3 210253
+20.5%
4 179184
+2.8%
5+ 6858
-14.7%

Summary: The Albemarle County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes increased by 20.5%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes decreased by 14.7%.

Number of Homes Sold

Apr 2024May 2024CHANGE
102144+41.2%

Asking Price vs. Sold Price

48 Homes Were Sold
Under Asking

37 Homes Were Sold
At Asking

59 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Albemarle County, you could pay more than the asking price. 41% of homes here sold above asking price last month.

Summary: A total of 144 homes were sold or pending in Albemarle County in May 2024, up by 41.2% month-over-month. Of the 144 sold homes, 33% were sold under asking, 26% were sold at asking, and 41% were sold over asking.

Days on Market for Albemarle County, VA

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

Average Sale Time

Apr 2024May 2024CHANGE
27 Days19 Days-30.2%

Summary: Homes in Albemarle County had an average of 19 days on market in May 2024, down by 30.2% compared to last month.

Breakdown of Home Sale Times

119 Homes Were Sold
Under 30 Days

17 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During May 2024, 144 homes were sold in Albemarle County; 83% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 6% 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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