CAAR Publishes 2022 3rd Quarter Market Report

The CAAR 2022 3rd 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 expand. The state added 16,700 jobs between July and August and is now only about 5,300 jobs short of pre-pandemic levels. Most of the growth continues to be in the Leisure and Hospitality sector.
  
  
• The unemployment rate remains very low. In August, the unemployment rate was 3.2% in Virginia and was 2.9% in the Charlottesville region. Both are down from a year ago.
  
  
• Mortgage rates climbed rapidly over the past month. In the second week of October, the average rate on a 30-year fixed mortgage rose to 6.92%, up from 6.02% a month ago.

Housing Market Conditions

• There were 1,206 home sales in the CAAR region during the third quarter of 2022. This is 192 fewer sales than this time last year, which is a 14% drop. The market has been slowing down in the CAAR area for five straight quarters.
  
  
• Home prices continue to climb in the region. The third quarter median sales price in the CAAR market was $405,000, rising 11% from a year ago, which is a surge of $40,000.
• Inventory continues to build up in the CAAR region. There were 829 active listings on the market at the end of the third quarter, 226 more listings than a year ago, a 37% increase.

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.