Albemarle County Q1 Market Comparison: 2024 vs. 2025
As the first quarter of 2025 wraps up, we’re taking a close look at how the Albemarle County residential real estate market has changed over the past year. Comparing Q1 2025 to Q1 2024 reveals some subtle but important shifts that paint a picture of a market that’s adjusting rather than cooling.
Fewer Listings, Slight Dip in Sales
In Q1 2025, there were 578 residential properties listed in Albemarle County, compared to 611 during the same period in 2024. That’s a 5% decrease in new listings year over year. This tightening inventory was met with a small decline in the number of homes sold—259 sales in Q1 2025 versus 279 in Q1 2024. The percentage of homes sold relative to those listed remained fairly stable, slipping only slightly from 45.66% to 44.81%.
Prices Trending Upward
Despite fewer sales, home prices are continuing to climb. The average sale price rose from $719,191 in Q1 2024 to $779,573 in Q1 2025—an 8.4% increase. Median sale price followed suit, jumping from $529,900 to $550,000. Sellers also retained more of their asking price this year, with the sale-to-list price ratio improving from 98.82% in 2024 to 99.43% in 2025.
This upward pressure on prices may reflect a continued demand for housing in Albemarle, even amid economic uncertainty and higher borrowing costs. Buyers appear to be making competitive offers, particularly on well-priced and well-presented homes.
Days on Market Falling
Homes are selling slightly faster than they did a year ago. The average days on market dropped from 38 days in Q1 2024 to 32 days in Q1 2025, and the median went from 6 days to 7. This suggests that despite inventory being slightly tighter, serious buyers are still actively pursuing new listings and making quick decisions.
A Sharp Decline in Expired Listings
One of the most telling shifts is the steep drop in expired listings. In Q1 2024, 149 listings expired without selling—representing 24.39% of listed properties. That number fell to just 86 in Q1 2025, or 14.88%. This change signals a healthier and more efficient market, where homes are either selling or being withdrawn with more intentional pricing and marketing strategies.
What This Means Moving Forward
Overall, Albemarle County’s residential market in early 2025 reflects steady demand and resilience. While sales volume has dipped slightly, prices remain strong and homes are moving quickly. For sellers, this is still a favorable environment—particularly if your property is priced well and shows beautifully. For buyers, preparation and decisiveness are key in a market where desirable homes may attract swift competition.
If you're thinking about buying or selling in 2025, now is the time to have a strategic plan in place. We’re here to guide you with expert advice tailored to your goals.
