Two real estate groups just published their third quarter reports. They show that if you're in the market to buy a home in central Virginia, prices are on the rise.
Home prices rose for the sixth straight quarter, reaching their highest point since 2007 pre-recession levels. According to the Charlottesville Area Association of Realtors the median sales price of a home hit $289,000 in the third quarter.
The total sales for the quarter fell from the same time last year, but Nest Realty Group says the report overall is positive because people are buying more stand-alone family homes and fewer attached units.
“I think it's a sign that we're starting to see continued stability in our market,” said Jim Duncan, with Nest Realty Group.
And a lot more homes are still in the pipeline. Nest reported an 11 percent increase in inventory. The realty group says the combination of fewer total sales and more inventory could mean the real estate industry could be leaning toward a buyer's market again.
CAAR agrees. "Pending sales are up so that gives us optimism that fourth quarter is going to catch up,” said John Ince, president of CAAR.
The group said it's confident for the 2015 financial year as well.
"Some other encouraging anecdotal evidence of the market is that I got a lot of positive feedback from the parade of homes, which went on the past two weekends,” Ince said.
Before buying or selling a home, Nest recommends doing additional research.
“Get advice on what this report means to them because the report gives them good guidance but every market truly is extremely localized. The Charlottesville and Albemarle areas can vary neighborhood by neighborhood, street by street,” Duncan said.
Also according to the report, properties are selling a lot more quickly. Half of the homes sold were only on the market seven weeks or less. That marks the second time since 2007 when the median days on the market slid below 50 days.
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