Charlottesville Area Market Q4 2024 Highlights
The 2024 fourth quarter housing market in the Charlottesville Area Association of REALTORS® (CAAR) region showed remarkable growth and resilience. As Virginia’s economy maintained steady growth, the local housing market capitalized on this momentum with strong sales, increasing prices, and rising demand.
Economic and Market Conditions Driving Activity
Virginia’s job market saw expansion, with 5,300 additional jobs in November 2024. The unemployment rate in the CAAR region was 2.6%, up slightly from last year’s 2.5%, but still reflective of a healthy labor market. However, mortgage rates have been on the rise, with the average 30-year fixed mortgage hitting 7.04% in January 2025, compared to 6.6% a year ago.
Sales Momentum Accelerates
In Q4 2024, the CAAR region recorded 879 home sales, an 8% increase from the previous year, adding 62 more sales. Most local markets experienced significant growth:
- Albemarle County led with a 9% sales growth (381 sales).
- Fluvanna County saw a staggering 23% sales increase.
- Greene County followed closely with 20% growth.
Even Charlottesville itself posted a 10% increase, demonstrating sustained buyer interest.
Home Prices Continue to Surge
Home prices across the region remained strong, driven by limited inventory and high demand. The region-wide median sales price was $475,000, a 9% increase from last year. Local market highlights included:
- Louisa County’s median price jumped 19% to $452,000.
- Charlottesville’s median price increased by 11% to $495,000.
- Nelson County followed with a 10% rise, reaching $460,000.
Inventory and New Construction
Although inventory expanded modestly, with 689 active listings at the end of Q4 (a 2% year-over-year increase), the supply still lags behind demand. New construction sales dipped slightly, reflecting a reduction in multi-family permits issued in 2024. However, single-family detached construction remained steady.
Higher Sales Volume and Longer Days on Market
The total sold dollar volume surged to $533.4 million, a 20% increase over the previous year. However, homes took slightly longer to sell, with the median days on market rising to 14 days, two days more than last year. Nelson County had the longest days on market at 30 days, while Albemarle County homes sold fastest at a median of 8 days.
Local Market Snapshots
- Albemarle County: $535,000 median price (up 2%), $271.9 million in sold volume (23% increase), and 381 home sales (9% increase).
- Charlottesville: $495,000 median price (up 11%) with 85 sales (10% growth).
- Louisa County: Prices soared with a 19% increase, hitting a median of $452,000.
- Fluvanna County: 23% increase in sales and a median price of $375,000.
- Greene County: Sales climbed 20%, while the median price saw a 5% gain to $404,995.
What’s Next?
With solid price growth, sustained buyer interest, and expanding inventory, 2025 promises to be an exciting year for buyers, sellers, and investors in the CAAR region. If you’re considering a move or investment in the area, now is an opportune time to consult with an experienced real estate team like the Denise Ramey Team.
Stay tuned as we continue to monitor trends and provide the latest market insights!
