CAAR Publishes 2018 Third Quarter Home Sales

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Anthony McGhee Anthony McGhee

A new report shows homes in central Virginia are selling at a rapid rate compared to last year, and for a bigger buck.

The Charlottesville Area Association of REALTORS (CAAR) put out their third quarter report Wednesday, October 10. The report found sales were up 4.4 percent across the greater-Charlottesville area.

Additionally, the median sales prices are up 5.1 percent to $309,000.

Louisa County saw a record price jump of 25.4 percent for detached homes.

While overall, fewer homes are on the market compared to last year, Charlottesville and Greene County are seeing a boost in houses for sale in recent months.

"We looked into statistics and wanted to see if there was any particular reason why we see those increases in inventory. There's no one particular reason other than, I think, now they see 'hey my neighbor’s house sold quickly. They got a very good price for it. Now is a good time for us to sell.' I think sellers are now starting to get the message that we're in a good seller’s market, and I think a lot of people are recognizing that and putting their house on the market," said Anthony McGhee, CAAR.

CAAR also says with rising interest rates, homes will cost buyers more if they wait too long.

10/10/2018 Release from Charlottesville Area Association of REALTORS: