CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – For the first time since 2019, the median home sales price in the footprint of the Charlottesville Area Association of Realtors (CAAR) has decreased, according to the 2025 Q3 Housing Market Report released on Tuesday by CAAR.
Though the percentage is small, the number is significant according to Association President Josh White.
“The median sales price dipped down by about 1%,” White said in an interview with Cville Right Now, “so only about $5,000 down from a year ago, but that’s for the whole region and we have not seen any kind of dip like that since 2019.”
Another figure White noted for Q3 was a 34% increase in active listings for the region compared to a year ago with the biggest increases coming in Albemarle and Louisa counties.
“Rates have dropped about 1/2 of a percent over the past year, which definitely stimulates things a little bit,” White explained. “We had the handcuffs of COVID, if you want to call them that, as far as people, people had very low mortgage rates twos, threes, and they were like, hey, we’re not leaving.”
He went on to mention there could be other push factors at work such as family growth, downsizing or change in employment may be encouraging people to make the move.
On the whole, sales increased in the CAAR footprint by approximately 2%, but figures differed across the region. Home sale figures decreased in Albemarle and Nelson counties by 2% and 4%, respectively, compared to Q3 2024. Whereas Greene County saw a sharp increase of sales at 33% and Fluvanna County saw an increase of 13%. White noted the new developments and neighborhoods that likely contributed to those numbers.
“I think a lot of that’s attributed to some bigger neighborhoods that are going in Greene County, specifically like Creekside, up off Preddy Creek Road and Fluvanna, also some development happening near the lake,” said White. “There’s just more inventory to be had in those markets.”
Housing supply is also on the rise. By taking the average monthly sales over the preceding 12-month period and dividing it by the inventory of active listings, the report determines the months of supply for the region. White noted a balanced market where demand from buyers meets the supply of homes has 6 months of inventory. While not quite at a balanced market, that figure for the CAAR footprint is trending positively.
“We are up basically a month more than we were this time last year, so we had 2.8 months of supply there now we have 3.7,” said White, “which is positive on both sides of the equation, both for buyers and sellers.”
