2019 Third Quarter  | WWW.CAAR.COM

The Charlottesville area real estate market overall continues to be healthy. 
CLICK HERE for a full accounting of third quarter sales in the Charlottesville, Virginia region.

According to the Charlottesville Area Association of Realtors

CAAR Home Sales Report 3rd Quarter 2019 Charlottesville Area Association of REALTORS
Market Report Key Takeaways

Economic Conditions  

Job growth in the Charlottesville region was strong in the first part of 2019, a turnaround from slower economic growth at the end of last year.

Very low unemployment suggests that businesses in the Charlottesville are continuing to find it challenging to attract and retain skilled workers.

Interest rates remain very low, and it is likely that mortgage rates will either stabilize or head even lower before the end of the year.

Housing Market Conditions

There were more home sales in the CAAR region in the 3rd quarter compared to last year. This is the first increase in sales for the region since the end of 2018. Fluvanna County had the largest gains, with 33 additional sales this quarter compared to a year ago.

Home prices are climbing throughout the CAAR region. The 3rd quarter median sales price is up by $6,700 for the region. All jurisdictions in the CAAR footprint had both median sales price growth and sales transaction growth this quarter, the first time this has occurred since the spring of 2017.

Homes are selling faster in the CAAR region. The average days on market in the 3rd quarter is down by 1 week (-7 days) from a year ago, a reflection of the tight supply of active listings on the market.

CLICK HERE for a full accounting of third quarter sales in the Charlottesville, Virginia region.

For another perspective, see how our Roy Wheeler Realty Broker, Michael Guthrie, views the 3rd quarter numbers.