Local Market Trend Insights: January 2024 Real Estate Market Report

Dated: February 25 2024

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Real Estate Market Trends 2024 WAAR REGION: Williamsburg, James City County, York County, New Kent County, Charles City County VIRGINIA

Exploring the Latest Market Trends with Tia Stanley: January 2024 Welcome, readers, to our January 2024 roundup of key market trends shaping the real estate landscape. Let's dive right into the insights and developments that caught our attention:

1. Rising Sales Activity in WAAR Market In the WAAR (Williamsburg Area Association of Realtors) market, sales activity witnessed a notable uptick compared to the same period last year. With 176 sales recorded regionwide, representing an 8% increase from the previous year, this marks the second consecutive rise in sales over the last three months. Notably, York County saw a substantial increase of 50.0%, adding 20 more sales, while James City County followed suit with 19 additional sales, a 29.2% surge. However, Williamsburg experienced a significant decline, with 18 fewer sales compared to January last year, translating to a 62.1% decrease.

2. Fluctuating Pending Sales Despite the uptick in sales, the number of pending sales in the WAAR footprint continued its downward trend. In January, the region recorded 187 pending sales, marking a 10.1% decrease from the previous year. Notably, New Kent County witnessed a significant decline of 36.6%, with 26 fewer pending sales compared to the same period last year. On the flip side, York County and Charles City County saw modest increases in pending sales, with seven and three more pending sales respectively.

3. Median Sales Price Edges Down For the first time in three years, the regionwide median sales price experienced a slight dip. In January, the median price for a home in the WAAR footprint stood at $404,183, marking a decrease of $5,768 compared to the previous year, representing a 1.4% decline. While New Kent County saw a notable surge of 17.7% in sale prices, with a $63,500 increase from the previous year, York County witnessed an 8.7% drop, translating to a $36,000 decrease in home prices.

4. Shrinking Inventory of Active Listings The inventory of active listings continued to shrink across the WAAR footprint. With 436 active listings at the end of January, representing a 6.2% decrease from the previous year, the market witnessed 29 fewer listings. Williamsburg and James City County experienced significant declines of 44.4% and 10.8% respectively, with both areas recording 20 fewer listings compared to January last year. Conversely, New Kent County saw a notable increase of 11.6%, with 11 more listings compared to the previous year.In conclusion, January 2024 brought forth a mixed bag of trends in the real estate market, with varying patterns observed across our region. As we navigate through these fluctuations, it's essential for buyers, sellers, and industry professionals to stay informed and adapt to the evolving dynamics of the market. Stay tuned for more updates and insights as we continue to monitor the pulse of the real estate landscape.

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Resource Credit: The data and market insights presented in this blog post were sourced from the Virginia Realtors/Freddie Mac with expert analysis provided by Tia Stanley Real Estate - RE/MAX CAPITAL.

#tiastanley #virginiarealestate #remax #remaxcapital #williamsburgva #newkentva #lanexava #yorktownva #charlescityva #gloucesterva #bestlistingagent #brickshire

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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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