Charlottesville, VA (CVILLE RIGHT NOW) – The Charlottesville Area Association of Realtors (CAAR) recently released its third-quarter home sales report, highlighting key trends in the local housing market. Anne Burroughs, CAAR President, spoke on the report, noting gradual improvements toward a more balanced market, though it remains a challenging time for many buyers. 

“We are slowly but surely inching towards a more balanced market,” Burroughs explained, ” we are still in a seller’s market, which means that there are more buyers than there are homes to sell.” Inventory has grown by 14% compared to last year, a significant increase that brings the area to approximately three months of housing stock, though a balanced market is considered to be closer to five to six months. 

Increasing construction is helping to address this housing crunch, with permit applications up by 5% from last year, primarily for single-family homes. However, Burroughs pointed out that the process to bring new developments to market remains lengthy, particularly due to zoning and government approval processes. 

The CAAR report highlights the need for continued growth in housing stock to balance supply and demand and ease rising prices, which continues to push residents further from central Charlottesville. 

Listen to the full conversation here: