The real estate market rebounded slightly in the final quarter of 2024, according to the latest report from Charlottesville Area Association of Realtors.
“There were 879 sales in the footprint during the fourth quarter, an influx of 62 sales from a year ago,” reads page 2 of the 27 page report that covers activity from October 2024 to December 2024. That’s an eight percent increase.
For comparison, there were 1,287 homes sold in the final quarter of 2020.
The median sales price continued to increase as well and was recorded at $475,000, or nine percent from the same period in 2023. The figure for each jurisdiction varies with Fluvanna County at $375,000, Greene County at $404,995, Louisa County at $452,000, and Nelson County at $460,000. Charlottesville is at $495,000 and Albemarle is at $535,000.
Inventories were up as well, but new construction was lower in 2024.
“There were 1,239 residential building permits issued in the region in 2024,” the report continues. “This is 53 fewer permits than the 2023 totals, a four percent decrease. The drop this year was due to a slowdown in multifamily permitting.”
Interest rates for mortgages have also increased with the average rate for a 30-year fixed rate mortgage hitting 7.04 percent on January 16, 2025.
Before you go: This article was originally sent out as part of the Charlottesville Community Engagement newsletter in the February 5, 2025 edition. Both are functions of Town Crier Productions. You can support the work by purchasing a paid subscription or contributing monthly through Patreon. You can also send in a check or send an email, but drop me a line first!
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