A new report on real estate sales in the Charlottesville region says the market could be described as “hot” — but only if compared to the Alaskan National Wildlife Reserve, where temperatures tend to be in the mid-40s.

As the Charlottesville area’s real estate market has tilted in favor of potential homebuyers, sellers are going to extraordinary lengths to sell their homes.

Home sales in the Charlottesville area in May continued to point to a market that favors buyers, as housing inventory remains high while prices dropped compared with the previous year.

The Charlottesville region’s real-estate market may have slowed to a tortoise’s pace, but that’s actually a good thing — at least for first-time homebuyers.
The number of homes available for less than $250,000 has rocketed to 1,236, up from only 150 or so during the red-hot peak of the market in 2005.
With high inventory on the less pricey end of the real-estate market, prices may be dropping into affordable territory for many young families and others who are renting.