CAAR: Residential sales in region beginning to cool
The housing market in the Charlottesville area continued to increase in price with constrained inventory, though there are signs of cooling. Sales were down five percent but sales prices were up six percent according to an analysis published this morning by the Charlottesville Area Association of Realtors.
“There were 436 active listings across the CAAR footprint at the end of the fourth quarter, which is 33 percent fewer listings than this time last year,” reads the report.
The report suggests more homes are on the way. Housing construction was up 34 percent in the first eleven months of 2021 compared to the previous year.
“Between 2020 and 2021, the number of permits for new single-family homes increased by 15 percent, while the number of permits for multifamily units more than doubled,” the report continues.
The report also breaks matters down by jurisdiction. Sales were up 14 percent in Charlottesville in the fourth quarter of 2021 and up 15 percent in Greene County. However, sales were down 14 percent in Fluvanna and 38 percent in Nelson County. The median price in Charlottesville was down was one percent, but was 26 percent higher in Nelson.
Check out the report for more information on consumer confidence, mortgage interest rates, employment, and many other economic indicators.
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