CAAR report says Charlottesville is a seller's market

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CHARLOTTESVILLE, Va. (CBS19 NEWS) -- The Charlottesville Area Association of Realtors released its report on Wednesday about home sales for the third quarter.

Low inventory has driven house prices up and the average days on the market down. The biggest concern is affordability, which is something that both renters and buyers are worried about.

The median price for the Greater Charlottesville area rose to $296,300 in the third quarter, compared to $273,100 at this time last year.

The President of CAAR, Anthony McGhee, said there are fewer houses for people to look at, so there are fewer closings, but the quarter was still strong.

“We've had price increases here," McGhee said. He said some economists are worried that if prices continue to rise, sellers may decide to delay purchasing a home.

But McGhee said people have been helped by low interest rates. He also said homebuyers can get more bang for their buck by living in the counties.

“Still compared to Charlottesville they are pretty inexpensive houses, but you've got to be willing to commute,” said McGhee.

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