Charlottesville Area Market Update – October 2023 | Low(er) Inventory, Stable(ish) Prices

The Charlottesville area real estate market continues to plod along, with few significant changes as interest rates continue to rise higher and higher.

A few highlights from the Charlottesville Area Association of Realtors’ most recent market report.*

• Sales activity remains sluggish in the CAAR region through September
• Pending sales continued to moderate in the CAAR footprint (Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Nelson)
• Home prices are climbing in the CAAR market even as the market cools.
• Inventory is tightening across much of the CAAR area.

As I wrote in October’s note:

A quick word on the Charlottesville real estate market: not much has changed since last month — interest rates are higher than last month, inventory is still low (seasonality is part of this), buyers are still buying, and I’ll be writing a lot more about the market next month.

And in September I wrote:

Not much has changed: Rates remain high, inventory IS down, transactions are down, days on market are up a bit, and I’m now helping seller clients prep for the spring market and helping buyer clients learn their market for the spring — and we’ll be fine eventually.

As always, take these top-level headlines and analyses with a certain grain of salt — your particular micro market will vary. If your house is on the market for more than 10, 20, 30 days, these sorts of market reports are infuriating and confusing. If your house went under contract in 4 days, these market reports are reaffirming.

* Years ago, I’d do comprehensive market reports, and we’d do such reports at Nest. Eventually CAAR partnered with Virginia Realtor Association and these reports are pretty darn good, so my focus in on the specific analyses I do for my clients.

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