TODAY IN THE MARKET

Current News

CAAR 2023 4th Quarter Home Sales Report Now Available

The CAAR 2023 4th Quarter Market Home Sales Report, a custom report prepared by Virginia REALTORS®, is now available.

CAAR 2023 Q4 Market Report InfographicEconomic Conditions
  • Virginia's job market continues to be resilient. There was an influx of 7,900 jobs in the Commonwealth between October and November 2023.
  • The statewide unemployment rate in Virginia was 2.9% in November 2023 (not seasonally adjusted), which is down from 3% a year ago. In the CAAR region, the unemployment rate was 2.6% in November, up from 2.5% a year ago.
  • After approaching 8% at the end of October 2023, mortgage rates have been trending down 10 of the last 12 weeks. In the third week of January 2024, the average rate on a 30-year fixed mortgage was 6.6.%, which is down from 6.66% the week prior, but up from 6.15% a year ago.
Housing Market Conditions
  • Sales activity continues to cool in the CAAR region. There were 817 sales in the CAAR housing market during the fourth quarter, 100 fewer sales than last year, which is an 11% increase.
  • Upward pressure on home prices continues to be a key factor in the CAAR area. The median sales price in the CAAR footprint during the fourth quarter was $435,000, climbing a solid 9% from this time last year.
  • The supply of active listings in the CAAR region continues to get smaller. There were 674 active listings on the market at the end of the fourth quarter regionwide, down 9% 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.



About CAAR

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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