CAAR report: Fewer sales, higher prices, and more homes on the market

So far 2024 has moved through seven months and the Charlottesville Area Association of Realtors has completed its review of the second quarter. Their analysis reveals a continuing trend of fewer homes selling but those that do are at at higher prices. 

“There were 1,100 homes sold region-wide in the second quarter, which is 48 fewer sales than a year ago, reflecting a four percent decrease,” reads the report. 

For perspective on how the market has cooled, there were on 1,545 homes sold in the second quarter of 2022. 

That region includes Albemarle, Charlottesville, Fluvanna, Greene, Louisa, and Nelson and there is data in the report for each. The median sales price in all six localities in the second quarter was $460,050, up three percent from the same period in 2024. 

The median sales price in the second quarter of 2020 was $331,500. 

The number of sales dropped five percent in Nelson, fell eight percent in Albemarle, and went down 12 percent in Fluvanna. They were 15 percent lower in Charlottesville. Sales were up 14 percent in Louisa and 19 percent in Greene. 

The median sales price region-wide was $517,057 up 14 percent over 2023. That figure was $429,083 in the second quarter of 2020.

All six localities had an increase in their median sales price with Albemarle’s being the lowest from $530,000 to $533,700. 

The highest increase is in Nelson where the median sales price increased 28 percent from $320,000 to $409,000. Fluvanna County has the lowest median sales price with $360,500. The median sales price increased eleven percent in Charlottesville from $470,000 to $520,000. 

Another trend is toward more properties being listed as active with a ten percent increase over 2023. 

The report also notes that new construction is flat overall, but there are more building permits being requested for single-family detached houses and fewer townhomes and multifamily units. 

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