Realtor group reports continued trends of slower home sales

Home prices in the Charlottesville area are continuing to increase while overall sales activity remains sluggish. That’s the main takeaway of the latest quarterly report from the Charlottesville Area Association of Realtors. 

“The median sales price in the CAAR housing market during the second quarter was $445,900, up seven percent from last year, a gain of $28,050,” reads the executive summary of the report, which covers April through June. 

There were 232 fewer home sales in the period compared to 2022 and three percent fewer active listings.  

“The sharp slowdown in market activity is being driven by a combination of factors including tight inventory conditions and climbing mortgage rates,” the report continues. 

However, sales prices increased. That is a figure to track as you consider future property assessments in all of the various localities.

Sale prices were up eleven percent in Albemarle, seven percent in Louisa County and three percent in Nelson County. They declined 25 percent in Nelson County and stayed more or less the same in Charlottesville and Greene County. 

The median price of a home in Albemarle County is $530,000 compared with $320,000 in Nelson County. 

The report also notes that building permits are above national averages with 531 permits issued in the Charlottesville Metropolitan Statistical Area from January through May. Two-thirds are for single family homes. However, that is below 2022 levels. 

A map and chart from CAAR showing activity levels in the 2nd quarter of 2023

Before you go: The time to write and research of this article is covered by paid subscribers to Charlottesville Community Engagement. In fact, this particular installment comes from the August 2, 2023 edition of the program. To ensure this research can be sustained, please consider becoming a paid subscriber or contributing monthly through Patreon.

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