Current News

CAAR 2023 3rd Quarter Homes Sales Report Now Available

CAAR 2023 Q3 Market Report InfographicThe CAAR 2023 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 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
  • Job growth continues in Virginia. There were approximately 6,700 jobs added in Virginia between July and August 2023.
  • The statewide unemployment rate in Virginia was 3.1% in August 2023 (not seasonally adjusted), which is down from 3.3% a year ago. In the CAAR region, the unemployment rate was 2.8% in August, down from 2.9% last year.
  • Mortgage rates continue to climb, reaching their highest level since 2000. In the third week of October 2023, the average rate on a 30-year fixed mortgage was 7.63%, which is up from 7.57% the week prior, and up from 6.94% a year ago.
Housing Market Conditions
  • Sales activity remained slow in the CAAR region. There were 980 homes sold in the CAAR market during the third quarter, 226 fewer sales than a year ago, reflecting a 19% drop.
  • While sales activity has been sluggish, home prices continue to climb. The median sales price in the CAAR footprint in the third quarter was $440,000, rising 9% from the third quarter last year.
  • The inventory in the CAAR housing market is tightening. There were 737 active listings on the market at the end of the third quarter, an 11% reduction from last year.
If you have a question about today's market, contact a REALTOR® today using for residential properties and 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.

- 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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