CHARLOTTESVILLE, Va. (WVIR) - The Charlottesville Area Association of REALTORS is warning of a slowdown in the housing market.
CAAR says strong underlying fundamentals leading up to the coronavirus pandemic will help the region rebound. That’s part of the message in the association’s first quarter sales report released early Monday, May 3.
According to the report, sales increased 11% compared to the same time last year. The median sales price increased 11%, to $302,000, while inventory dropped 11%.
Additionally, home sales were up across the board compared to the first quarter in 2019. Charlottesville saw the biggest increase at 13%.
CAAR President Quinton Beckham says they are rolling out about 90 housing permits every month to combat the problem of low inventory, but housing affordability is still a big concern moving forward.
“I think our biggest issue ahead of us and for the next several years is how do we move new construction forward and how do we provide more and better housing, with increased density, and no new land being built,” Beckham said.