CAAR Publishes 2022 1st Quarter Market Report

The CAAR 2022 1st 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 economy continued to improve in early 2022, despite rising inflation and the escalating conflict overseas. Economic conditions are solid in the Charlottesville region, with very low unemployment and strong job growth.
• Even as the economy improves, consumer confidence is shaky. In March 2022, the measure of expectations of future economic conditions fell to its lowest level since 2013.
• Mortgage rates are on the rise. In the second week of April, the average 30-year rate hit 5%, the first time it has been at this level in 11 years.

Housing Market Conditions

• There were 888 homes sold in the CAAR region during the first quarter. The number of sales was 17% lower than a year ago, reflecting 177 fewer sales. This is the third quarter in a row of year-over-year sales declines in the region.
• Home prices continued to rise quickly in the CAAR area. In the first quarter, the median sales price was $389,900, which was up 13% over a year ago, a gain of nearly $45,000.
• Inventory continued to fall in the CAAR region but at a slower pace. There were 472 active listings across the CAAR footprint at the end of the first quarter, which is just 3% fewer listings than this time last year. Supply expanded in some local markets around the region.

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.