Housing stock doubles!
Here’s a shocking statistic for ya: according to a recent market analysis by the Charlottesville Area Association of Realtors, 2,377 homes are for sale in their database...that’s more than double the homes for sale at the same time last year! Equally as shocking is the rise in the median price of a home: $285,000 in CAAR’s market area (Charlottesville, Albemarle County, Nelson, Greene, Fluvanna, and Louisa), up 27 percent from last year. In Albemarle County: $339,000, up 42 percent from last year.
Before you freak out, consider realtor and real estate blogger Jim Duncan’s calming analysis:
"We are seeing a shift in the market - that of properties returning to being considered homes and investments rather than strictly unending bank accounts. That’s a good thing."
In other words, a return to reality.