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CAAR 2023 2nd Quarter Homes Sales Report Now Available

CAAR 2023 Q2 Market Report InfographicThe CAAR 2023 2nd 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
  • Virginia’s job base continues to expand, which generates demand for housing. There were approximately 6,900 jobs added to Virginia’s economy between April and May 2023.
  • The statewide unemployment rate in Virginia was 2.7% in May 2023 (not seasonally adjusted), which is down from 2.9% a year ago. In the CAAR region, the unemployment rate was 2.4% in May, down from 2.7% a year ago.
  • Mortgage rates continue to fluctuate widely. In the third week of July 2023, the average rate on a 30-year fixed mortgage was 6.78%, which is down from 6.96% the week prior. .
Housing Market Conditions
  • Sales activity continues to trend slower than last year in the CAAR housing market. There were 1,148 homes sold across the region in the second quarter, down 17% from last year.
  • Home prices are climbing even as there are fewer sales. The median sales price in the CAAR housing market during the second quarter was $445,900, up 7% from last year, a gain of $28,050.
  • There were 717 active listings on the market in the CAAR region at the end of the second quarter, 24 fewer listings than a year ago, which is a 3% drop. This is the first time that active listings have declined in the region in over a year.
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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