Local Market Trend Insights: February 2024 Real Estate Market Report

Dated: April 1 2024

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Tia Stanley Real Estate - RE/MAX CAPITAL: WAAR Area Market Update (New Kent County, Charles City County, Williamsburg, James City County, York County)

According to the most recent report issued March 15, 2024, the WAAR real estate market has shown promising signs of growth as we dive into this year's sales data, bringing positive news for homeowners and investors alike. Our latest market analysis for February reveals an upward trend in sales and pending sales, alongside a nuanced landscape of home prices and listings that reflects the dynamic nature of the WAAR area real estate.

Sales See a Welcome Increase

In an encouraging development, the WAAR area experienced a boost in home sales last month. February closed with a total of 233 homes sold, marking an 8-sale increase over the previous year, which translates to a growth rate of 3.6%. Among the localities, York County stood out with a significant jump, recording 19 more sales than the same period last year—a remarkable 30.6% rise. On the flip side, New Kent County witnessed a downturn, with 16 fewer homes sold than the previous year, highlighting a 31.4% decrease in activity.

Pending Sales Surge

A particularly bright spot in February's data was the surge in pending sales across the WAAR market. With 251 homes going under contract, the area saw a substantial 30.7% increase from the previous year, adding 59 more pending sales to the tally. Leading the way in this upward trend were James City County and York County, which recorded increases of 37.4% and 60.5%, respectively. However, Williamsburg faced a slight setback, with a 25% reduction in pending sales compared to last year.

Home Prices Continue to Climb

The trajectory of home prices in the WAAR area remains on an upward climb, a trend consistent with the broader real estate market. The median sales price reached $416,000 this month, up by $20,705 or 5.2% from the previous year. Notably, New Kent County homes saw an impressive average price jump of $124,346 (32.2%), while James City County also enjoyed a significant boost with a $56,500 increase (13.8%). Williamsburg was the exception, where median sales prices dipped slightly by 1.3%.

Listings Dynamics

While the overall number of active listings in the WAAR market dipped by 12.9% to 444, reflecting 66 fewer listings than the year before, there's a silver lining with the introduction of new listings. February witnessed a 4.2% increase in new listings, with 301 homes hitting the market, 12 more than in the previous year. This uptick for the second consecutive month suggests a gradual replenishment of available properties, a crucial factor for maintaining market balance.

Looking Ahead

As we analyze these trends, it's clear that the WAAR real estate market is characterized by its resilience and potential for growth. The increase in sales and pending sales, alongside the upward pressure on home prices, points to a healthy demand. However, the varying dynamics across different counties remind us of the importance of local insights in navigating the market effectively.

At Tia Stanley Real Estate with RE/MAX CAPITAL, we remain committed to providing our clients with the most up-to-date and comprehensive market analysis. Whether you're looking to buy, sell, or simply explore your options in the WAAR area, we're here to guide you through every step of your real estate journey.

Sources: Virginia REALTORS, data accessed March 15, 2024

#newkentva #williamsburgva #yorkcountyva #realestate #remax #tiastanley #virginiarealestate

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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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