Central Virginia’s housing market is in an upward cost spiral. Sales prices are increasing, the number of homes for sale is decreasing and there is little new construction for lower-income residents.
Home sales surged 23% in the last three months of 2020, according to the CAAR fourth-quarter report issued last month. The demand created rapidly rising home prices that put the median sale price across the region at $348,050. That’s a 13% increase from the same period in 2019 and a hike of nearly $40,000.
In Albemarle County, the median price of a home — the price point at which there were as many houses that sold for more as sold for less — was $420,000. In Charlottesville, the median price was $403,750.
In Central Virginia, Fluvanna County had the most affordable median sale price, at $275,000.
Meanwhile, there were only 671 homes for sale at the end of the fourth quarter in the…