Rising building costs and tariffs keep pressure on Charlottesville housing market

CHARLOTTESVILLE, Va. (WVIR) - Housing experts in Charlottesville are keeping a close eye on the market as affordability remains a growing concern.

Interest rates have stayed in the high sixes, and while many buyers have adjusted, the cost of borrowing is still a hurdle.

Rising construction costs are adding even more pressure, with tariffs on materials like lumber and metal driving up prices and slowing down builds.

“What that means is there’s not enough houses on the market, there’s buyers who want to buy them so prices will go up just naturally,” President Emeritus of Howard Hanna Roy Wheeler Realty said. “Then you have interest rates...and then you have the increase in demand for the materials...those costs are going to increase which can’t do anything but continue to cause pricing to go up.”

Guthrie also says to make sure to speak to a trusted professional realtor or mortgage broker before deciding on buying or selling your home.

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