So far, 2022 has been another remarkable year in Central Virginia real estate.
We’ve all read stories about low inventory in the market, the speed with which homes are going under contract, and overall competition for buyers throughout the state and the country. In the Charlottesville MSA, we are here to help you understand specifically what has been taking place and why.
By the time we pulled these numbers the first week in July, we had recorded 1,919 sales across our region, including nearly 350 new construction properties. While this volume of sales is above our five year norm, it represents a solid 16% drop from last year’s volume. In fact, all counties in our area with the exception of Greene (up 9.4%) saw a drop in sales. Additionally, as we head into Q3, we are looking at a significant reduction in number of contracts written this year as well. In fact, in May and June alone, the number of homes going under contract across the region is down by over 150 contracts, or 17.4%.
In the first six months of 2022 (demonstrating just how strong this sellers’ market has been to date), 63% of properties went under contract within the first 7 days on the market, and these homes sold on average for 18.8% above their list price. Of those homes that spent 7 or more days on the market, the average discount to list price was 1.5%, indicating the importance of accurate pricing even in a phenomenally strong seller’s market. There is no question, as we enter July, higher interest rates are having a rapid and significant impact on the buyer demand and pricing. If you are looking to purchase or sell real estate in Central Virginia, contact your local Nest agent for guidance and even more market insight.
In 2022, this is more important than ever before.
Please find the downloadable PDF version of our full Charlottesville area Mid-Year Report here: Charlottesville_MidYearReport_2022
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