CAAR 2023 1st Quarter Homes Sales Report Now Available

The CAAR 2023 1st Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is now available. In addition to providing housing metrics, this report provides you and your clients 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.

Download the full report today!

Economic Conditions

• There were about 3,200 jobs added to Virginia’s economy between January and February 2023. Most regions around the Commonwealth have now fully recovered net jobs lost in the spring of 2020.
• Virginia’s unemployment rate was 2.9% in February 2023 (not seasonally adjusted), which is up from 2.7% a year ago. The unemployment rate continues to be historically low, but has started to inch up, rising three of the last four months. In the CAAR region, the unemployment rate was 2.6%in February, which is up from 2.5% a year ago.
• Mortgage rates have been volatile since initially falling in January, then rising for five straight weeks, and then falling again for five straight weeks. In the third week of April 2023, the average rate on a 30-year fixed mortgage was 6.39%.

Housing Market Conditions

• The 2023 housing market is off to a slow start in the CAAR region. There were 688 homes sold in total across the area in the first quarter of 2023, down 23% from last year, the lowest first quarter sales total since 2016.
  
  
• The first quarter median sales price in the CAAR market was $401,200. This is $11,300 higher than it was a year ago, a 3% increase.
  
  
• The supply of active listings continues to build up in the CAAR footprint. There were 700 active listings on the market at the end of the first quarter, 228 more listings than a year ago, a 48% increase.

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.

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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