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CAAR Publishes 2022 2nd Quarter Market Report

CAAR 2022- Q2 Market Report InfographicThe CAAR 2022 2nd Quarter Market Report is available - download it 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.

Economic Conditions
  • Virginia’s job market continues to recover from the pandemic-related losses. The state added 6,600 jobs between April and May and is now about 42,200 jobs short of pre-pandemic levels. Most of the growth this month was in the Leisure and Hospitality sector.

  • Despite growing economic uncertainty and rising inflation, unemployment remains very low. In May, the unemployment rate was 3% statewide and 2.7% in the Charlottesville region.

  • Mortgage rates are on the rise but have dipped from a month ago. In the third week of July, the average 30-year rate was 5.54%, up from the prior week, but down from the end of June when it was 5.7%.
Housing Market Conditions
  • There were 1,380 homes sold in the CAAR area in the second quarter. This is an 11% drop from the second quarter a year ago, which is 165 fewer sales. The market has been cooling in the CAAR region for four consecutive quarters.

  • Prices continue to surge in the CAAR footprint even as sales activity is slowing. The median sales price region wide was $417,850 in the second quarter, jumping up 11% from a year ago, a gain of $41,850.

  • Supply increased significantly in the CAAR housing market this quarter. There were 741 active listings across the footprint, 163 more listings than last year, a 28% increase.

About CAAR

Business Operations - CAAR will move into Level 2 business operations as of Tues., Aug. 31st at 8:30 a.m.

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 decisions 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.