CAAR 2024 1st Quarter Market Report Now Available

The CAAR 2024 1st Quarter Market Report is now available.

Economic Conditions

• Virginia’s job base is growing. There were 10,600 more jobs across the state in February compared to January 2024.

• The statewide unemployment rate in Virginia was 2.9% in February 2024 (not seasonally adjusted), which is unchanged from a year ago. In the CAAR region, the unemployment rate was 2.5% in February 2024, down from 2.6% last year.

• Mortgage rates have been trending up for much of the past two months. The average rate for a 30-year fixed mortgage was 7.1% in the third week of April 2024. This is up from the mid 6% range at the start of the year, and up from the low 6% range a year ago.

Housing Market Conditions

• Home sales edged up this quarter in the CAAR market overall. There were 694 homes sold regionwide in the first quarter, inching up 1% from a year ago, which is six more sales.

• Home prices are rising quickly in many parts of the CAAR area. The median sales price in the region was $435,000 in the first quarter, climbing 8% from last year, a nearly $34,000 jump.

• The inventory of homes on the market continues to tighten. There were 672 active listings in the CAAR footprint at the end of the first quarter, down 4% from a year ago.

If you have a question about today's market, contact a REALTOR® today using mycaar.com for residential properties and cvcmls.com for commercial properties. They have the expertise, tools, and local insight you need to make the best real estate decision.

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About - The Charlottesville Area Association of REALTORS® serves more than 1,300 real estate professionals and affiliate members throughout the City of Charlottesville and the counties of Albemarle, Fluvanna, Greene, Louisa, and Nelson. Widely recognized as the leading voice for real estate in Central Virginia since 1925, CAAR members bring professionalism and high ethical standards to every business transaction. The Association advocates for the protection of private property rights and provides tools and technology for members to achieve expertise in serving the needs of customers and clients. The CAAR membership is committed to enriching the region’s neighborhoods by engaging in a variety of educational programs as well as community service events each year.

Vision - REALTORS® are relevant and impactful in real estate decision and the communities in which they serve.

Mission - To build a diverse, equitable, and inclusive Association that equips members to grow as ethical and responsible professionals.

Business Operations - CAAR continues to be in Level 2 business operations.

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