Charlottesville, VA (CVILLE RIGHT NOW) – In a recent conversation on WINA Morning News, Michael Guthrie, the President Emeritus of Howard Hanna Roy Wheeler Realty, shared his insights on the current state of the real estate market in Central Virginia. 

Guthrie highlighted positive signs, stating, “More homes went under contract in the third quarter compared to the third quarter of 2023…. It just proves what we’ve been talking about for the last few months, that inventory has increased.” He noted that recent trends indicate homes are staying on the market longer, providing buyers with more opportunities to find the right home. 

Discussing the impact of interest rates, he explained, “We’re in the low sixes… I’m comfortable saying we’re a tad below 6.5 percent, which is a lot better than we were a few months ago when we were in the sevens.” He emphasized the importance of this shift, mentioning that it could now be cheaper to buy a home than to rent due to rising rent prices. 

Guthrie also addressed community support and unity, stating, “The overwhelming majority of the people in this community and in our country stand up for each other. We help each other.” 

As the real estate market evolves, Guthrie remains optimistic about the opportunities ahead for both buyers and sellers in the region. 

Listen here for the full conversation: