The Charlottesville Area Association of Realtors has reported fewer sales in the fourth quarter of 2022.
“There were 917 homes sold in the CAAR market in the fourth quarter of 2022, which is a 25 percent reduction in sales from this time last year, or 311 fewer sales,” reads one of the takeaways from the quarterly report.
The report also documents that prices continue to increase in all six localities CAAR tracks.
“At $400,000, the fourth quarter median sales price in the CAAR market climbed 8% from the fourth quarter last year, a gain of about $30,000,” the report continues.
However, the number of units on the market at the end of the 2022 increased to 740, up from 436 at the end of 2021. The report attributes the slowdown in sales to increases in the interest rates for mortgages.
For the full details, view the report on CAAR’s website.
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