CAAR releases 2nd quarter housing market report

CHARLOTTESVILLE, Va. (WVIR) - The Charlottesville Area Association of Realtors has released its 2022 2nd Quarter Market Report.

CAAR says trends show the market may soon be returning to pre-pandemic levels. It is expecting to see housing prices in and around Charlottesville settle into a more reasonable curve.

Sales have been down for the last four quarters, and there are more houses available as a result.

“Four percent or 5% over a year, which is pretty much the historic normal. It’s a time where buyers and sellers may need to reset their expectations,” CAAR President Pam Dent said.

Dent says that with interest rates up, buyers will need to recalculate what they can afford.

“Talk to their lenders and see how much they can buy, what their payments are going to be with a higher interest rates, and what they can afford. Then, meet with a realtor and strategize,” Dent said.

The average number of days on the market have in the second quarter was 17, almost two weeks shorter than a year ago. That is expected to change.

“As things are cooling down with the slowing market, it will be important to make sure that your home is priced correctly. Get advice from your real estate professional,” Dent said.

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