Local Real Estate Market May be Rebounding

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Updated: 9:54 AM May 4, 2010 Local Real Estate Market May be Rebounding The median price of homes sold in Charlottesville is inching up, one of the new signs the local real estate market may be bouncing back. Posted: 8:03 PM Jul 30, 2009 Reporter: Sara Ross Email Address: sara.ross@newsplex.com

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July 30, 2009

New signs are emerging that the local real estate market may be bouncing back.

New numbers released Thursday show the median price of a home that sold this month in the Charlottesville area is up $23,000 from June. Local realtors we talked to also say they sold more homes this July than they did in July 2008. The president of the Charlottesville Area Realtors Association says there are several reasons for that.

"Sellers are being more realistic in their price, interest rates are staying down, buyers are taking advantage of the eight thousand dollar tax credit” said Charlottesville Area Realtors Association President Michael Guthrie.

The majority of homes selling right now in the Charlottesville region are priced at $300,000 or less. But, some of the higher priced ones have found new owners too. Despite the numbers looking good both here in Charlottesville and across the country Guthrie says it's too soon to say if this is a true sign the market is really coming out of the recession.

"There are certainly some signs that things are happening in a positive way” said Guthrie. “But, there are still a lot of things going on that could either positively or negatively impact the market."

The government's $8,000 tax credit program for qualified first time home buyers runs the December 1, 2009.

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