CHARLOTTESVILLE, Va. (WVIR) - A new report out Monday shows fourth-quarter growth in the housing market in central Virginia.
The Charlottesville Area Association of REALTORS (CAAR) released its latest report [pdf] Monday, February 3. According to the report, the local housing market saw more sales and an increase in prices during the final quarter of 2019. Additionally, home spent fewer days on the market than the same time the year before.
“There’s a lot of great factors that that speak to the greater-Charlottesville area. So it’s everything from weather, to diversity of employment, to services that are available here that people look for their lifestyle,” CAAR President Tom Woolfolk said.
CAAR covers the Charlottesville and Albemarle, Fluvanna, Greene, Louisa and Nelson counties. All of those counties - except Greene and Louisa counties - saw more home sales in the fourth quarter of 2019.
The number of sales in the region grew 7-percent, while sale prices increased by about 6-percent.
The report found the average sale price of a home in central Virginia was more than $308,000.
However, demand for homes is increasing faster than new homes can be built.
"There are employers coming to the area, and they’re hiring people,” Woolfolk said. “We are not producing enough new listings to keep up with it.”
The report also touches on economic conditions in central Virginia: It says while interest rates remain low and consumer confidence is strong, there are some signs of growing uncertainty about future conditions.