Everyone has a budget when they decide to buy a home. The first question many people ask themselves is, “What will my budget get me in the area I want to live?”
Today, we want to give you an idea of how that question might be answered in the Charlottesville area real estate market. So let’s take a look at what a budget of $300,000* will get you in various areas around Charlottesville. . .
- City of Charlottesville — There are 16 properties on the market in the $300,000 price range in the City of Charlottesville. 5 of the properties are condos or townhouses. All but two of the homes are at least 3 bedrooms, and they have a median square footage around 1900 sq. ft. The average Days on Market for these properties is 81 days, which is almost double the average DOM for s0ld properties in this price range (45 days).
- Albemarle County — We find 48 properties in the $300,000 price range in Albemarle County. 11 of these are condos or townhouses. The properties range in size from 1 bedroom up to 5 bedrooms and are mixed between homes in subdivisions and homes on acreage. The homes have a median size of about 2100 sq. ft. The average Days on Market for these properties is 115 days, which is over a month longer than the average DOM for sold properties in this price range (71 days).
- Fluvanna County — Fluvanna County has 8 properties currently for sale in the $300,000 price range. Only one of the homes is an attached house (located in Villages at Nahor). All of the homes are at least 3 bedrooms and 2 bathrooms. The homes have a median size of about 2200 sq. ft. The average Days on Market for these properties is 100 days, which is just about the same as the average DOM for sold properties in the this price range (97 days).
- Lake Monticello — There are 5 homes on the market at Lake Monticello in the $300,000 price range. The homes range in size from 2300 to 3200 sq. ft. The average Days on Market for these properties is 92 days, which is almost exactly the same as the average DOM for sold properties in the price range (93 days).
- Spring Creek — There is only one home on the market in Spring Creek in the $300,000 price range. The home is 4 bedrooms, 2.5 bathrooms, 2464 sq. ft. The home has been on the market for 103 days, significantly higher than the 48-day average of sold homes in this price range.
As we enter the Fall and Winter seasons, the peak of the Charlottesville area real estate market selling season is firmly behind us, and activity slows down noticeably. It’s not surprising that many of the homes in this price range that are currently on the market exceed the average Days on Market for sold properties in their price range; a large portion of the homes on the market right now are homes that simply didn’t sell during the Spring and Summer. For buyers, that sometimes means that there are deals to be had during the Fall and Winter, so it’s definitely worth paying close attention to the market this time of year.
One of the best ways to keep a close eye on the market is to sign up to receive instant market updates. That way, you’ll know exactly what’s happening with homes in your target market.
If you’re looking for homes in the Charlottesville area, we’d love to help you in your search. You can simply fill out this form to get in touch with us, send an email to info@StrongTeamRealtors.com, or call/text 434-962-7305, and we’ll be in touch. Happy house hunting!
If you think your home might be in the $300,000 price range, but you’re not quite sure, we encourage you to use our automated home valuation tool. Simply enter in your address, and it will give you an idea what your home might sell for if you decide to put it on the market. If you’d like to learn more about what your home might be worth on the market, simply fill out this form, send an email to info@StrongTeamRealtors.com, or call/text 434-996-4606.
*All statistics are from the Charlottesville Area Association of REALTORS MLS for a price range of $275,00-$315,000 as of 10/23/2015 and excludes proposed new construction.