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In May, home sales in the CAAR region continued to rise, reaching a total of 409 homes sold, which represents a 4.3% increase compared to the previous year's 392. Leading this growth was Louisa County, where sales surged by 14.7%, amounting to 11 more homes sold compared to the same period last year. Conversely, Charlottesville saw a decline in home sales, dropping by 23.3% with 14 fewer sales, while Albemarle County experienced a more modest increase of 5.2%, adding nine more sales compared to last May.
Pending sales in the CAAR market, however, declined this month, totaling 410 pending sales—a 1.9% decrease from the previous year, which translates to eight fewer pending sales. Charlottesville and Fluvanna County recorded the most significant declines in pending sales, dropping by 35.7% and 42.1%, respectively. In contrast, Albemarle County saw an increase with 24 more pending sales, marking a rise of 14.5%.
Median home prices in the CAAR region continued to climb, reaching $453,640 in May, which is $12,640 higher than the previous year—a 2.9% increase. Nelson County led in price growth with a substantial 21.2% increase, reaching a median price of $394,500 this month. Charlottesville also saw a notable increase, with the median price rising by about $44,000 to $486,750, a 10% increase, while Albemarle County experienced a more modest rise of 1.3%, reaching a median price of $543,000.
Listings in the CAAR footprint expanded, totaling 763 properties by the end of May—a 4.2% increase, adding 31 listings compared to the previous year. Nelson County saw the largest growth in listings, with 27 more properties, up by 34.2%, followed by Charlottesville with 22 additional listings, a 47.8% increase. Conversely, Greene County experienced a decline of 11.6%, with eight fewer active listings compared to last year.
It continues to be a sellers market.
Sales surged in the CAAR market this month, with 332 homes changing hands in April, marking a 12.2% uptick from the previous year, equivalent to 36 additional sales. Louisa County boasted 22 more sales than the previous year, reflecting a robust 44.0% increase, while Nelson County saw nine more sales, indicating a noteworthy 60.0% rise. The majority of local markets experienced heightened sales activity, with the exception of Albemarle County, which witnessed eight fewer sales compared to a year ago, translating to a 5.6% decline.
This quarter saw a slight uptick in home sales across the CAAR market. Regionwide, 694 homes were sold in the first quarter, marking a modest 1% increase compared to the previous year, equating to six additional sales. Meanwhile, home prices are on a rapid ascent in various parts of the CAAR area. The median sales price reached $435,000 in the region during the first quarter, representing an 8% surge from last year, amounting to a nearly $34,000 rise. However, the inventory of available homes continues to shrink. By the end of the first quarter, there were only 672 active listings in the CAAR footprint, reflecting a 4% decline from the previous year.
Sales activity in February remained largely unchanged across most local markets within the CAAR region compared to the previous year. A total of 211 home sales were recorded regionwide during February, reflecting an increase of 16 sales compared to the same period last year, representing a gain of 8.2%. The majority of the additional sales occurred in Louisa County, where there were 12 more sales than in February of the previous year, marking a notable increase of 28.6%. Meanwhile, Albemarle County saw a modest increase of two sales compared to the previous year, amounting to a rise of 5.3%. Additionally, Charlottesville, Fluvanna County, and Nelson County each experienced one additional sale compared to the previous February.
Lets unpack the figures from the Virginia Association of Realtors January Market Report for the CAAR footprint. Sales are down slightly from the previous year as are pending sales. At the same time, home prices have continued to climb rapidly. And there were 10% fewer listings on the market than there were a year ago. It continues to be a story of supply and demand. If there were more properties available to purchase, there would be more sales. Even though there are buyers who have left the marketplace due to the high interest rates, there are still more people who want to purchase than there are homes to buy. If you are considering selling your home, properly priced homes in good condition are selling quickly. If you are a buyer, you will want to have the advice of a trusted professional to help you navigate this competitive market. It is important to have your team of mortgage lender and real estate agent in place and a preapproval in hand before you start looking at properties so that you will be prepared to move forward immediately when you find the home that fits your criteria.
The CAAR market continues to cool down, with sales activity dipping below last year's levels. This month, only 250 homes found buyers, a 17.2% drop compared to November 2022. Fluvanna County felt the brunt of the decline, with a 41.9% plunge in sales (18 fewer homes sold). Albemarle County wasn't far behind, experiencing a 14.3% decrease (also 18 fewer homes). But there was a glimmer of sunshine in Louisa County, where sales surprisingly rose by 8.0% (four more homes sold).
The housing market took a breather in October, with sales falling 9.6% compared to last year. Only 292 homes found buyers across the region, 31 fewer than the previous year. October's sales numbers painted a picture of a cooling market, with 292 homes sold – a 9.6% decrease from the previous year. Taking a closer look at the counties, Albemarle County experienced a decrease of 26 sales compared to last October, which accounts for a 19.0% drop. Fluvanna County also had a decline, with 11 fewer sales resulting in a 25.0% decrease. On the bright side, Louisa County showed the biggest increase in activity, with 12 more sales than the year before, which is a 20.7% jump. Unfortunately, the Charlottesville market had six fewer sales than last October, making it a 19.4% decrease. Let's keep our fingers crossed for better numbers next time! Hope this information was helpful and informative for you!
The CAAR housing market is experiencing a historic slowdown, with third-quarter sales nosediving 19% compared to last year, the worst in over a decade. Buyers and sellers remain cautious, hamstrung by low inventory and soaring mortgage rates. This slump wasn't isolated, mirroring a 20% statewide decline in sales activity. While the future remains uncertain, experts predict continued moderation in the market as affordability challenges persist.
The September sales report underscored the ongoing struggles in the CAAR housing market, as low inventory and rising mortgage rates continued to dampen buyer enthusiasm. With all local markets experiencing declines, including Charlottesville's alarming 36.7% drop, questions about the market's bottom remain unanswered.
Sales in the CAAR market are significantly slowing down. This month, the region witnessed 346 sales, which is 94 fewer compared to the same time last year, reflecting a staggering drop of 21.4%. Albemarle County experienced the largest decline, with 41 fewer sales (-21.5%), closely followed by Charlottesville with 33 fewer sales than last year (-50.8%). However, Nelson County defied the trend, as it saw an encouraging increase of eight sales compared to the previous year (+25.0%).
Sales activity in the CAAR housing market remains sluggish compared to last year. Only 1,148 homes were sold in the region during the second quarter, marking a significant 17% decline. Despite the decrease in sales, home prices continue to climb steadily. In fact, the median sales price in the CAAR housing market during the second quarter reached a remarkable $445,900, representing a notable 7% increase from the previous year, resulting in a gain of $28,050. Furthermore, the number of active listings on the market at the end of the second quarter was 717, which is 24 fewer listings than last year, accounting for a 3% drop. Remarkably, this marks the first decline in active listings in the region in over a year.
In the CAAR region, sales remained on a downward trend throughout June. Specifically, the month recorded 460 sales, marking a decline of 57 sales compared to the previous year—an 11% decrease. Notably, all local markets experienced a decline in sales activity this month. Of all the areas, Greene County witnessed the most significant drop, with 21 fewer sales compared to the previous year, reflecting a substantial decrease of 47.7%.
The housing market in the CAAR region for 2023 is off to a slow start. The first quarter saw a total of 688 homes sold, marking a 23% decline from last year and the lowest first quarter sales since 2016.
In the CAAR market, home sales continue to moderate. There were 392 sales in the month of May, 71 fewer sales than last year, a decrease of 15.3%. Albemarle County experienced the sharpest drop in sales with 28 fewer sales (-13.9%) followed by Greene County with 22 fewer sales than the year prior (-50.0%). Charlottesville was the only local market where sales grew this month with five more sales than a year ago (+9.1%).