New report shows very low home inventory in Charlottesville area

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ALBEMARLE COUNTY, Va. (NEWSPLEX) -- With high demand and low inventory, the 2017 First Quarter Home Sales Report from the Charlottesville Area Association of Realtors suggests a strong seller's market for homes in Central Virginia.


Data shows inventory for homes has declined by 15.8 percent since the first quarter of 2016.

Homes are also staying on the market for a shorter period of time at a median of 28 days, 32 days fewer than last year.

Home prices and interest rates are also on the rise. According to the report, the average home price has increased by $20,000, going from $250,000 to $270,000.

"Affordability has gotten a lot worse but as you go further out from the Charlottesville/Albemarle ring, you'll see more affordability," said CAAR president, Anthony McGhee. "So in areas like Louisa, Greene, Fluvanna, there is definitely more affordability."

McGhee said the amount of new construction is significantly lower than it was ten years ago.

He believes inventory will remain low until that changes.

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