The Charlottesville Area Association of Realtors (CAAR) released its third quarter market report, which included good news for buyers: median prices have decreased 5.5 percent for the entire region, and a total 7.3 percent decrease compared to the same period last year.
According to data, sales for homes priced below $200,000 increased 17 percent in CAAR’s area. Since last year, Charlottesville median prices dropped from $245,000 to $234,000. Median home prices in Albemarle County decreased from $290,000 to $276,975 during the same time period. Compare those to Louisa, where median prices dropped from $221,818 to $184,950.
Housing inventory and the number of days on the market have also decreased—on average, 5.9 and 7.6 percent, respectively. According to CAAR, there are 3,239 homes on the market at the moment, also down from the third quarter last year.
“For now, we will keep watching the inventory of homes for sale and the number of foreclosures coming into our local market,” reads the report. “If we see inventory levels continue to decline and the pace of foreclosures stays steady, it is logical, although not predictable, to see prices begin to inch upward.”
For the complete report, click here.
