Deep Data Dive: Longer Days on Market, Higher Median Sales Price

Buckle up, friends. If it feels like home prices are still strong, but days on market (DOM) are getting longer, you are correct.

I want to share with you findings from the 2024 4th Quarter Sales Report just released by the Charlottesville Area Association of Realtors (CAAR). Below are the highlights:

If you feel like nerding out, here’s the full report.

What do these numbers tell us? Now, more than ever, is the time to review your pricing strategy. Pricing your property too high in this market means your property is going to linger. Case in point: After 112 Days on Market, a property here in Nelson County dropped its asking price of $2.9 million to $1.3 million.

That’s quite a price drop, eh?

These price drops also create an opportunity for active, serious buyers who already have their financial ducks in a row. Sometimes a seller’s perceived value of his property doesn’t match the current market reality. Having accurate data helps us narrow that delta and bring us to the closing table.