Check Out the CAAR 2024 2nd Quarter Market Report

The CAAR 2024 2nd Quarter Home Sales Report, a custom report prepared by Virginia REALTORS®, is now available.

Economic Conditions

• Job growth continues in Virginia’s economy. There were 8,800 additional jobs added statewide between April and May 2024.
• Virginia’s unemployment rate fell to 2.7% in May 2024 (not seasonally adjusted). This is down from 2.8% in May 2023. In the CAAR region, the unemployment rate was 2.3% in May, which is down from 2.4% a year ago.
• The average rate for a 30-year fixed mortgage was 6.77% in the third week of July 2024. This is down slightly from the same time last year (6.78%), but up from the start of 2024 (6.62%).

Housing Market Conditions

• Sales activity moderated in the CAAR regional housing market this quarter. There were 1,100 homes sold regionwide in the second quarter, which is 48 fewer sales than a year ago, reflecting a 4% decrease.
• Upward pressure on home prices continues to be a factor in the region. The median sales price in the CAAR footprint during the second quarter was $460,050, climbing 3% from a year ago, a $14,150 gain.
• The inventory of active listings expanded this quarter. There were 786 active listings on the market at the end of the second quarter in the CAAR area. This is a 10% increase from this time last 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.

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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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