Nothing but more good news for those looking to sell their Charlottesville homes. As for buyers? It’s more bad news. Charlottesville home prices continue to rise and the amount of buyers for an average-priced home is increasing daily. Why? Because of the quality of life here in Central Virginia. Home to the University of Virginia, two 5 Star hospital systems, fabulous early American history, a booming viticulture industry, two fox hunts, a nationally syndicated Horse Show, farm-to-table restaurants, great public, and private schools, and highly sophisticated, cosmopolitan residents. I have been a Charlottesville buyers agent since 2003, and today I am finding it very difficult to work with out-of-town buyers. Why? Because the average Charlottesville home price is $400,000, and when an attractive home comes on the market, it usually receives 3-7 offers within 24 hours. And who is going to buy a house unseen?
While the Fed says the housing market is slowing down in major cities, the Charlottesville housing market is not. Yes, builders are having trouble with higher lumber and fuel costs but they are adding these costs into their sales price. so our home prices are rising rapidly. I feel sorry for first-time homebuyers thinking they can purchase a 3 bedroom home for $300,000. You can’t today! but yes to a 2 bedroom condo or townhouse. So many buyers are forced to forgo single-family housing for townhouses and condos. This is why nationwide builders are working 7 days a week to accommodate these buyers.
Do I see a real estate market crash in the near future? No, but I would! It is selfish thinking but it will shake out the tire-kickers and bring the Charlottesville real estate market back to a more realistic market. Looking for a savvy Charlottesville realtor? I am here!