CAAR 2019 Q-1 Housing Market Report Key Takeaways

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 housing market, though there may be early signs of softening demand.

• Mortgage interest rates remain at historically low levels. Potential homebuyers and sellers should expect rates to remain low, at least through the spring and into the summer.

Housing Market Conditions

• Sales declined or remained flat in most jurisdictions in the CAAR footprint in the 1st quarter compared to last year. The moderating sales activity began in the 4th quarter of 2018 after several years of growth at the region-level.

• The regional inventory of active listings is not shrinking at the same rate as the past few years and has remained flat for several quarters, which could reflect a stabilization of the supply in the coming months. Similar trends are occuring in other housing markets in the state.

• Homes are taking slightly longer to sell relative to last year in many parts of the CAAR footprint.

• The median sales price in the region continues climb relative to last year, albeit more slowly than in prior quarters. Several local markets within the CAAR footprint have had declines in the median sales price over the past few quarters.

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"That's Who We R®"

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 - The REALTOR® is indispensable to every real estate decision.

Mission - To support our REALTOR® members to be professional, ethical and successful.