It’s a sellers’ market, according to latest Charlottesville-area real estate report

Published: Feb. 6, 2023 at 2:52 PM EST
Email This Link
Share on Pinterest
Share on LinkedIn

CHARLOTTESVILLE, Va. (WVIR) - Buying a home in the Charlottesville area is tricky, as well as expensive.

Charlottesville Area Association of REALTORS President S. Lisa Herndon says buyers need to need to know that the market is slow, but prices are going to remain strong.

“We currently have about two-month’s supply of inventory,” Herndon said Monday, February 6.

She says that keeps us in a sellers’ market. If it were six months’ worth, then buyers would have a heyday.

The CAAR 2022 4th Quarter Home Sales Report shows active listings increase by 70%.

“Although we see indications that there are more listings on the market, that doesn’t mean that there are new, fresh listings on the market. That also means their listings are staying on the market longer,” Herndon said.

She says this is happening due to pricing concerns, or home buyers being more cautious. That may be due in part to unemployment inching up for the first time in nearly two years.

“All the other indicators are showing that the market is slowing down, but not the prices. There will not be a great decrease in prices,” Herndon said.

The report also shows interest rates stabilizing and trending slightly downward.

“Generally, you can find a mortgage rate around about 6.15%,” Herndon said.

Do you have a story idea? Send us your news tip here.