Date Archives: August 5th, 2019

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The Charlottesville Area Association of REALTORS® 2nd Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is available. In addition to providing housing metrics, this report provides you with an in-depth look into local, state, and national economic conditions including unemployment rate comparisons, job change by industry, monthly permits for new residential construction, and more! It's a great way to understand the real estate market in a holistic way. 

Report Takeaways:

Economic Conditions 

• Job growth has slowed in the Charlottesville area; however, the region's Educational Services sector continues to boom. An extremely low unemployment rate suggests that local businesses are having a hard time finding qualified workers in the region. 

• New residential construction activity remains steady with little evidence of acceleration to meet pent-up demand. 

• Interest rates are even lower now than they were at the beginning of the year, and there is no indication of significant increases in the months to come. 

Housing Market Conditions 

• Sales activity continues to be down slightly from last year in the overall CAAR region, and remained essentially flat in Albemarle County. 

• After declining at the start of the year, the median sales price trended up in the 2nd quarter, rising $13,650 compared to a year ago. The fastest price growth is occurring in the City of Charlottesville, with prices up nearly $27,000 from this time last year. 

• Homes continue to stay on the market longer on average. The average days on market in the 2nd quarter rose 3 days from last year to 54 days. 

View the entire detailed CAAR 2019 2nd Quarter Home Sales Report here. 

First publised by The Charlottesville Area Association of REALTORS®