Crozet Real Estate Weekly Market Update For Nov 1st, 2023

 

Nov 1- Nov 8, 2023

 

From November 1 to November 8, 2023, we’ve observed a significant increase in the days on the market for homes in both Charlottesville and Crozet. This trend raises important questions: Is this shift being driven by an influx of new construction homes, or is it a sign that the broader real estate market is beginning to change?

 

New construction homes often have a longer marketing timeline, as buyers navigate customization options and builders work through their timelines. However, it’s worth noting that the rise in days on the market isn’t solely limited to new builds. Resale homes, too, are staying on the market longer than they were just a few weeks ago. Could this be a sign of a market slowdown?

 

Historically, the fall and winter months tend to see a cooling off in the Charlottesville area real estate market. Buyers shift their focus to the holidays, often delaying their purchasing decisions until after the new year. This seasonal slowdown is expected, but the current increase in days on the market is worth watching closely, as it may indicate something more than just the usual seasonal dip.

 

Next week, I’ll be tweaking the criteria to focus on homes that are move-in ready. This will help us determine whether the extended days on the market are due to buyer hesitation or if these homes simply aren’t meeting current market demands. By honing in on properties that are ready for immediate occupancy, we’ll gain a clearer insight into whether buyers are just taking longer to decide or if we’re heading into a particularly long winter in the housing market.

 

The real estate market is always evolving, and staying informed is key, whether you’re looking to buy, sell, or just keep tabs on local trends. Be sure to follow me on my social media channels for up-to-date insights on the Charlottesville and Crozet markets. I’m committed to helping you navigate these changes with confidence, no matter the season.