Posts in category 'Buying A Home'

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 constru...

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During the housing market crash, Gen X homeowners lost more wealth than other generations. However, things are changing now! A strong economy, increasing home prices, and the recovery of the housing market are helping this generation to regain their lost wealth.

According to Pew Research Center,

"Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)".

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Two positive trends have started to emerge that impact the 2019 Spring Housing Market, nationwide. Mortgage interest rates for a 30-year fixed rate loan have dropped to new lows, right as reports show that wages have increased at their highest rate in decades!

These two factors have helped keep housing affordable despite low supply of houses for sale driving up prices. First American's Chief Economist, Mark Fleming, explains the impact,

"Ongoing supply shortages remain the main driver of the performance gap as the housing marke...

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First Published by Charlottesville Area Association of REALTORS® and Virginia REALTORS®, May 1 2019

According to the Charlottesville Area Association of REALTORS®, Charlottesville-area home sales dropped during the first three months of 2019, but at the same time, home prices increased slightly and the number of homes on the market remained about the same. The graphic on the right represents the Percent change compares to 2018 1st Quarter statistics.

Economic Conditions

 • Notwithstanding a modest employment decline in the most recent months of data, the Charlottesville regional economy is stable and provides a steady bedrock for the local hou...

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