The numbers are out and sales are up. Nest Realty released its quarterly housing market report for the Charlottesville area Friday.
According to the report, sales prices have gone up slightly, but that's not keeping people from buying. Sales are up 1 percent from this time last year.
Nest attributes higher price tags on homes in the city of Charlottesville and surrounding counties to a higher demand for larger homes. Three- and four-bedroom family homes are popping up more and more across the area and realtors says their average time spent on the market is only 85 days.
Nest found the market's low interest rates factor heavily into this increase. "We look at the number of contracts that are written year over year and we look at the number that have sold. We're finding that there are more buyers who are interested in buying in our market right now with the interest rates being as low as they are,” said Nest realtor Jim Duncan.
Properties in the city of Charlottesville are on average spending only 55 days on the market.
Overall 5 percent more contracts were written this quarter in the greater Charlottesville area and Nest Realty says that's a positive sign for this coming quarter.