Greater Charlottesville Area
2018 First Quarter Highlights

New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy. Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.

Closed Sales increased 9.1% for Single-Family Detached homes and 28.3% for Single-Family Attached homes.

Pending Sales increased 1.0% for Single-Family Detached homes and 35.1% for Single-Family Attached homes.

Inventory decreased 13.3% for Single-Family Detached homes and 16.3% for Single-Family Attached homes.

The Median Sales Price increased 19.0% to $345,000 for Single- Family Detached homes and 3.2% to $245,000 for Single-Family Attached homes.

Days on Market decreased 8.5% for Single-Family Detached homes and 26.9% for Single-Family Attached homes.

Homeownership was less affordable, as the Housing Affordability Index was down 12.5% over last year, at 112.