These reports include economic conditions, housing market conditions, new construction information, mortgage rate updates, housing market overview by counties, supply, days on market, and additional information.
Sales in the CAAR market are significantly slowing down. This month, the region witnessed 346 sales, which is 94 fewer compared to the same time last year, reflecting a staggering drop of 21.4%. Albemarle County experienced the largest decline, with 41 fewer sales (-21.5%), closely followed by Charlottesville with 33 fewer sales than last year (-50.8%). However, Nelson County defied the trend, as it saw an encouraging increase of eight sales compared to the previous year (+25.0%).
Sales activity in the CAAR housing market remains sluggish compared to last year. Only 1,148 homes were sold in the region during the second quarter, marking a significant 17% decline. Despite the decrease in sales, home prices continue to climb steadily. In fact, the median sales price in the CAAR housing market during the second quarter reached a remarkable $445,900, representing a notable 7% increase from the previous year, resulting in a gain of $28,050. Furthermore, the number of active listings on the market at the end of the second quarter was 717, which is 24 fewer listings than last year, accounting for a 3% drop. Remarkably, this marks the first decline in active listings in the region in over a year.
In the CAAR region, sales remained on a downward trend throughout June. Specifically, the month recorded 460 sales, marking a decline of 57 sales compared to the previous year—an 11% decrease. Notably, all local markets experienced a decline in sales activity this month. Of all the areas, Greene County witnessed the most significant drop, with 21 fewer sales compared to the previous year, reflecting a substantial decrease of 47.7%.
The housing market in the CAAR region for 2023 is off to a slow start. The first quarter saw a total of 688 homes sold, marking a 23% decline from last year and the lowest first quarter sales since 2016.
"In the CAAR market, home sales continue to moderate. There were 392 sales in the month of May, 71 fewer sales than last year, a decrease of 15.3%. Albemarle County experienced the sharpest drop in sales with 28 fewer sales (-13.9%) followed by Greene County with 22 fewer sales than the year prior (-50.0%). Charlottesville was the only local market where sales grew this month with five more sales than a year ago (+9.1%)