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CAAR Report: Higher Home Prices, Fewer Available

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A row of homes in Charlottesville A row of homes in Charlottesville
CAAR President Anthony McGhee CAAR President Anthony McGhee
CHARLOTTESVILLE, Va. (WVIR) -

People in the market to buy a home in central Virginia are finding fewer homes available and higher price tags.

The Charlottesville Area Association of Realtors (CAAR) released its first quarter home sales report Tuesday, April 11.

The report shows prices are up 8 percent compared to the same time last year. It also indicates the number of homes for sale dropped 15.8 percent.

The CAAR report says homes are spending 32 fewer days on the market than the first quarter of 2016.

CAAR President Anthony McGhee says home buyers need to be ready to make a quick decision against multiple offers.

“It's a tough time, and I think what they need to be is prepared. Get an agent who's on top of the market. If you see something you like, get in it real quick. But I think you also need to be a little careful too and don't get caught up in the frenzy,”

The median price for a home in the region is $270,000.

The Charlottesville Area Association of Realtors expects these trends to continue during the spring, which brings the busiest months of the year for the real estate market.

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