CHARLOTTESVILLE, VA (CVILLE RIGHT NOW) – Home inventory has increased in the Charlottesville area, but so has the median sales price according to the Charlottesville Area Association of Realtors Second Quarter Home Sales Report released Monday.

“We’ve seen that inventory is growing, which I think is kind of the Cinderella story from this report we’re 32% higher on our active listings and we’re around 3 almost 3 1/2 months of supply versus the year before in the same market and so that just gives us more choice for buyers,” CAAR President Josh White told Cville Right Now.

Those increasing supply numbers are a positive for the CAAR region, although still a bit short of a balanced market which White explained generally has 5 to 6 months of inventory.

The increased supply still has yet to ease costs on homebuyers in the region, however, with the median sales price increasing by 5% compared to 2024. White noted that could be residual effects from larger price increases in the early 2020s.

“I think that the biggest thing is we are seeing appreciation slow down you know from that COVID era of like 2020 to 2023 where appreciation was staggering and exponential.”

Realtors in the area sold slightly fewer homes during this quarter compared to a year ago in Q2, though activity picked up after a slow beginning.

“I would say that we picked back up in May and June and kind of made-up for some lost time and over a year very similar market to the one that we saw in spring 2024,” said White.

The second quarter is generally a busy period for realtors as Q2 and Q3 see the most activity in the housing market.

“I know as realtors and especially when we talk to younger agents that’s when you kind of are going to make hay while the sun shines, so to speak,” White said.

The full report can be found here.