CHARLOTTESVILLE, Virginia (WVIR) – The Charlottesville Area Association of REALTORS released its latest quarterly report and house prices are still going through the roof. However, the report says mortgage rates are slowly starting to stabilize and pandemic buying has started to settle down.
“We’ve had a little more days in the market, a little less zeal for every sign in a yard and every new offer, and still a lot of value,” said CAAR President Quinton Beckham. “Not quite the wildfire that it was.”
According to the report, homes are still flying off the market faster than they were at this time last year. In Albemarle County, a home stays on the market for about 35 days, according to CAAR. Last year it was 56.
Property prices are still up, but inventory is low, which makes it a good market for sellers.
“The low stock has always been like that. We’ve been working on the underbuilding for some time, so the demand ratio has always been on its way to have a more intense seller market, ”said Beckham.
Underbuilding is a problem for affordable housing, especially for families in Charlottesville.
“We urgently need state help for this. There are really busy, consistent, hard-working families out there who could never afford a home within the Charlottesville borders at current price points because the market is as it is without a brake, “said Beckham.
He says it will take years to fill the affordability gap.
“I just think we need to be aware that this is a marathon, not a sprint. You know there isn’t a single thing, but we have to keep moving forward, ”Beckham said.
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