CAAR: Housing prices not going down in Charlottesville
CHARLOTTESVILLE, Va. (WVIR) - As temperatures drop it doesn’t look like housing prices around Charlottesville will follow.
“We have under-built for so long that it has really just caught up with us, so I don’t see housing prices getting softer soon. I would expect them to stop having the meteoric rise that they have had,” 2021 CAAR President Quinton Beckham said.
This issue has been around for awhile.
“If you were thinking of diagnosing where we’re at with housing, this is the same chronic disease we’ve had since 2009, and that chronic disease is under-building and too little building versus the buyer-need,” Beckham said.
Townhomes and condos are pricey, too.
“Their sale prices up almost 20%, so although they’re there at a lower price and $260,000 a year ago, you would have gotten the same for about $135,000. And so they have gone up really dramatically year-over-year, year-to-date about a 16% rise for them,” Beckham said.
Inventory remains low: A year ago, if CAAR sold houses at its usual rate it would be out of homes in about 11 weeks. Now that number is much lower.
“This year, that number is down to 1.3 months, and so you’re looking at about five-and-a-half weeks worth of supplies,” Beckham said.
CAAR will have a more detailed report out on the fourth quarter housing market in the middle of January.
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