Unpacking Key Real Estate Trends in the WAAR Region for December 2023

Dated: January 30 2024

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WAAR REGION: NEW KENT COUNTY | CHARLES CITY COUNTY | WILLIAMSBURG | JAMES CITY COUNTY | YORKTOWN | YORK COUNTY | VIRGINIA

As we bid farewell to 2023, it's essential for homeowners, real estate enthusiasts, and industry professionals to take stock of the key market trends that shaped the closing month of the year. Tia Stanley, a seasoned expert from RE/MAX CAPITAL, brings us the latest insights into the dynamic real estate landscape of the WAAR (Williamsburg Area Association of Realtors) footprint for December 2023.

  1. Sales Activity Overview: The real estate market in the WAAR footprint experienced a notable shift in sales activity compared to the previous year. December saw a total of 228 sales regionwide, marking a 16.8% decrease or 46 fewer sales than the same period in 2022. Notably, York County took the lead in this downturn with a staggering 47.1% decline, reflecting 40 fewer sales than the preceding year. Meanwhile, New Kent County experienced an almost 18% decrease in sales, with Williamsburg bucking the trend by recording an 18.2% increase in sales.

  2. Pending Sales Dynamics: The momentum of pending sales activity in the WAAR market has shown signs of cooling. Tia Stanley reports a total of 125 pending sales in December, reflecting a 15.5% decrease compared to the previous year. New Kent County faced the most substantial drop in pending sales, down by 32.4%, followed closely by York County with a 31.4% decrease. Interestingly, James City County witnessed a positive shift with a 10.5% increase in pending sales compared to December of the previous year.

  3. Price Trends: While most local markets witnessed an upward trajectory in prices, there were a few exceptions. In the WAAR market, the median home price reached $407,750 in December, showcasing a 6.2% increase from the previous year. New Kent County experienced a robust 13.1% surge in home prices, while James City County and Williamsburg saw median prices climb by 9.4% and 12.7%, respectively. However, York County deviated from this trend, experiencing a 5.5% dip in median prices compared to December of the prior year.

  4. Inventory Insights: The inventory of active listings continued its downward trend for the seventh consecutive month in the WAAR market. As of the end of December, there were 452 listings, representing a 14.2% decrease from the previous year. Williamsburg stood out with a substantial 71.8% drop, accounting for 61 fewer listings. Interestingly, New Kent County was the sole market experiencing an increase in listings, with a 10.4% rise compared to the previous year, amounting to an additional 11 listings.

Conclusion: As we analyze the real estate landscape of the WAAR region in December 2023, the market's nuanced dynamics reflect a blend of challenges and opportunities. Homebuyers, sellers, and industry professionals should closely monitor these trends to make informed decisions in the evolving real estate environment. Tia Stanley's comprehensive report provides a valuable snapshot of the market, guiding stakeholders through the intricate web of changes that characterized the closing month of the year. Looking ahead into 2024, there is an expectation of improvement to the real estate market with lower interest rates anticipated (although that may not occur first quarter as originally speculated) but should encourage home sellers to go ahead and list and begin opening up the available inventory and starting a new market cycle. There is no shortage of pent-up buyer demand. Tia Stanley can be contacted at 757-243-3245.

Sources: Virginia REALTORS®, data accessed January 15, 2024, Freddie Mac

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Tia Stanley

Like you, I am a consumer of goods and services. My goal is to provide you with the kind of service that I want to receive to earn your business and referrals for years to come. A full-time REALTOR s....

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