CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – Kerry Griggs, associate broker with KW Alliance, recently shared his insights on the current state of the real estate market. He described the market as “a little bit strange,” noting that while homes priced appropriately are seeing multiple bids, overall inventory remains low.

Griggs emphasized the importance of accurate pricing, stating, “Sellers are now understanding that they’re not just going to put it on the market for the highest amount of price point.” Homes priced too high tend to linger, whereas well-priced properties often sell within the first week.

Addressing mortgage rates, Griggs shared optimistic news, “The Fed should be meeting relatively soon, and with the fed meeting, we anticipate that the mortgage rates are going to come down a little bit.”

Griggs also discussed regional differences in the market, noting that outlying areas like Fluvanna and Louisa counties offer better price points and quicker sales. Meanwhile, Waynesboro and Staunton are experiencing rising prices and fast-paced sales.

He ended with a discussion about the potential impact of Charlottesville’s controversial upzoning, which allows for more density and could facilitate affordable housing solutions. Griggs advised sellers to list before the school season starts and highlighted the benefits of new construction, which comes with fewer immediate maintenance concerns.