CAAR 2021 3rd Quarter Home Sales Report Now Available
The CAAR 2021 3rd Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is
now available.
In addition to providing housing metrics, this report provides you 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.
Economic Takeaways - In the third quarter of 2021, while economic conditions remained positive, there was a slowdown in job growth in Virginia. The unemployment picture continued to improve in the Charlottesville region, and economic conditions should become more certain over the next few months.
- Consumer confidence has fallen amidst renewed uncertainties about the Delta variant. Individuals, families, and businesses have been rethinking plans that seemed more certain earlier this year.
- Mortgage rates remain at historically low levels, but an improving economy will lead to moderate increases in the average 30-year fixed-rate mortgage rate.
Housing Market Conditions - There were 1,393 homes sold in the CAAR region during the third quarter. Sales were down 4%compared to last year at this time, a decline of 54 sales regionwide.
- Home prices continued to rise in the CAAR area. In the third quarter, the median sales price was$365,000, which is up 12% over a year ago, a gain of more than $38,000.
- Inventory continued to be very limited in the CAAR region. There were 643 active listings across the CAAR footprint at the end of the third quarter, 30% fewer listings than this time last year.
Download the report today!
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