CAAR Q3 MARKET REPORT 2023
The Charlottesville Area Association of Realtors (CAAR) has published itshttps://findahomeincharlottesvilleva.com/wp-content/uploads/2023/11/caar-2023-q3-housing-market-report.pdf extensive market report for sales activity in the 3rd quarter of 2023. This report details the reduced activity as a result of low inventory of available homes for sale, plus other factors such as current interest rates for mortgage loans.
Some key highlights from the current report on Housing Market Conditions :
Sales activity remained slow in the CAAR region. There were 980 homes sold in the CAAR market during the third quarter, 226 fewer sales than a year ago, reflecting a 19% drop.
While sales activity has been sluggish, home prices continue to climb. The median sales price in the CAAR footprint in the third quarter was $440,000, rising 9% from the third quarter last year.
The inventory in the CAAR housing market is tightening. There were 737 active listings on the market at the end of the third quarter, an 11% reduction from last year.
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