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 May 2023

Since last year, 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

$512,035

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$45,035(+9.6%)

Key Takeaway

Homes in Charlottesville have sold for 9.6% more than they did a year ago.

Summary: The median home sold price in Charlottesville was $512,035 in May 2024, up 9.6% from last year, and the median price per square foot was $246.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $290K$234.5K
-19.1%
2 $325K$325K
0.0%
3 $425K$440K
+3.5%
4 $550K$611.3K
+11.2%
5+ $850K$859.5K
+1.1%

Summary: Charlottesville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 19.1%, 2 bedroom homes did not change, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 11.2%, and 5+ bedroom homes increased by 1.1%.

Median Sold Price Compared To Nearby Cities

Rivanna
+11.4%
Charlottesville
+9.6%
Rio
0.4%
Jack Jouett
-17.0%

Housing Supply in Charlottesville, VA

How many homes are available in Charlottesville, VA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
526537+2.1%

Summary: The Charlottesville real estate market had 537 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 221255
+15.4%
4 150148
-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 15.4%, 4 bedroom homes decreased by 1.3%, and 5+ bedroom homes decreased by 15.2%.

Number of Homes Sold

Apr 2024May 2024CHANGE
128163+27.3%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

39 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. 44.4% of homes here sold above asking price last month.

Summary: A total of 163 homes were sold or pending in Charlottesville in May 2024, up by 27.3% month-over-month. Of the 160 sold homes, 31% were sold under asking, 24% 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

May 2023May 2024CHANGE
13 Days11 Days-13.5%

Summary: Homes in Charlottesville had an average of 11 days on market in May 2024, down by 13.5% compared to last year.

Breakdown of Home Sale Times

146 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, 163 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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