CAAR Report: Central VA Housing Market Rebound Continues

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CHARLOTTESVILLE, Va. (WVIR) - The housing market rebound continues in central Virginia. According to the Charlottesville Area Association of Realtors 2014 year end report, home sales in the greater Charlottesville area were up last year compared to 2013. 

Home sales were up two percent, marking the third year of gains. CAAR President Anita Dunbar says she expects the trend to continue next year.

“Interest rates are below four percent. Our unemployment has gone down. We have some businesses that are moving into the area, and so I'm really encouraged that this is going to be another good year,” Dunbar said.

Sales were up in five out of six jurisdictions, with more than a 12 percent gain in Greene County. Nelson is the only county that actually had fewer home sales; the county had 18 percent fewer sales.

On average, homes also stayed on the market for a shorter time period - for half the homes in the area, it was for 52 days or less.

The median sales price for a home - $270,000 - was also at its highest level since 2007.

Dunbar says if you're thinking of putting your home on the market, now is the time to do it. She says demand has been steadily rising and she expects 2015 to be the same.