Charlottesville, VA (CVILLE RIGHT NOW) – The Charlottesville Area Association of Realtors (CAAR) has released its 2024 Q4 Home Sales Report, showing a notable increase in sales and home prices compared to the previous year. CAR’s 2025 President, Josh White, joined Cville Right Now Live to discuss the findings, highlighting key trends in the local housing market. 

“We’re seeing more sales, more volume, more listings,” White said. “When we look at quarter four of 2024, when we compare it to quarter four of 2023, it is kind of, you know impactful to note that we have an uptick in inventory, but we’re comparing it to the slowest market we’ve had in 10 years.” Despite the uptick in inventory, the median sales price has climbed to $475,000, marking a 9% increase from last year. 

White also addressed mortgage rates and their impact on buyer behavior. “We’re sitting above the 7% mark, which is still below the 30-year average,” he noted. “People have gotten used to the higher interest rates… they’re not expecting the 2.75% or 3% we saw in the COVID and post COVID years.” He added that new construction remains slow, contributing to the supply-demand imbalance that continues to drive up prices. 

The report also highlights the strong demand in outlying counties such as Fluvanna and Louisa, where sales have grown significantly due to affordability factors. With inventory still tight and prices steadily rising, market conditions in Charlottesville remain competitive heading into 2025. 

Listen here for the full conversation: