The third quarter home sales report by CAAR recently reported an overall limited housing inventory with 30% fewer listings than this time last year. In Nelson County, there were just 60 active listings in the county at the end of the third quarter, 44 fewer listings than last year at this time, which is an even larger 42% supply reduction. On top of the reduction in inventory, the median sales price shot up 54% compared to last year. In the third quarter, Nelson County had the highest increase in the median sales price in the region at $365,000, which was $128,000 higher than last year at this time.
One of the top priorities reported by residents surveyed in the recently published Planning for Affordability document produced by the Thomas Jefferson Planning District Commission is that they want to be able to live where they work. This enables people to be able to become more active members of their community. Only 2 of every 10 workers in Nelson County actually live in Nelson County. Additionally, 6 of every 10 workers commute out of the county and 2 out of 10 workers commute into the county for employment. This phenomena contributes to increased traffic congestion, loss of revenue for local businesses, reduced tax revenue to the county and a higher use of fossil fuels and a net-negative in reducing our collective community’s carbon footprint.
A local teacher who participated in our housing market study commented, “One of the reasons that I would like to live closer to work is that I can better get to know the community in which I work. Also, I would have more energy to perform extra-curricular activities for the school.”
The community concerns over the lack of inventory and mix of housing types to meet the current demand for housing, both in the rental and buyer markets, is clearly outlined in this recent report.
With so much need for additional affordable housing in Nelson County, we look forward to offering a range of home options at Renaissance Ridge.
