ALBEMARLE COUNTY, Va. (WVIR) - Housing prices in the Charlottesville area continue to rise as more and more people are searching for homes while the number of houses going on the market decreases.
Charlottesville Area Association of Realtors (CAAR) shows that the median price for a house was up 7% in February this year compared to 2020 . Additionally, the active listings in the area has dropped by 61% this year as opposed to last.
CAAR President Quinton Beckham says the rise in price could be that more people have set aside more income for home purchase, which drives up the market with competition.
“So now you have not enough homes, you have the same number of buyers, and their ability to really go to the mat with one another is higher and their desire to really be out of an apartment, out of a tightly-packed community, and have a space has really been driven home. And so I think we put all of those things together you get the market that we have,” Beckham said.
With home sales up 21% in February, mortgage rates have remained at historically low levels throughout the fourth quarter and into Q1-21 are helping fuel strong home sales activity.