Charlottesville housing costs remaining stagnant despite national trends

CHARLOTTESVILLE, Va. (WVIR) - For the first time in a decade, the National Association of Realtors says the national median home price dropped in February, but in Charlottesville, costs seem to be going in the opposite direction.

Charlottesville Area Association of Realtors President S. Lisa Herndon says there is very little movement in list pricing and that the area is still stuck in COVID pandemic trends.

“We have seen a decrease in homeowners putting their homes up for sale. So, until we address that lack of supply, the prices are going to remain high. We need more homeowners to put their homes on the market,” Herndon said.

A lack of inventory in central Virginia stopped that trend from coming here as well.

“We’re kind of in a little bubble. Things that impact the larger community, on a national scale don’t tend to impact us as much because we have the security of the university and more wealth, quite honestly, in the area,” Herndon said.

CAAR says it’s a seller’s market, but there may be some hope for buyers.

“The good news for buyers is that homes are staying on the market longer, so that could ultimately mean that there is more flexibility in negotiating pricing,” Herndon said.

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