Local Market Trend Insights: MARCH 2024 Notable Shifts

Dated: May 13 2024

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#WILLIAMSBURGVA #NEWKENTVA #YORKTOWNVA #CHARLESCITYVA #JAMESCITYCOUNTY

The WAAR region experienced notable shifts in its real estate market during March 2024. Here's a summary of the key trends:

Sales Activity:

Overall sales declined by 17.1% compared to March last year, totaling 252 transactions.

York County saw the steepest drop, with 40 fewer homes sold (-39.6%).

New Kent County also faced a decline, with 16 fewer sales (-28.6%).

James City County and Charles City County were exceptions, with a modest increase in sales by 4.8% and 125%, respectively.

Pending Sales:

Pending sales in the region showed a slight increase of 0.7%, reaching 269.

James City County led the gains, with 22 additional pending sales (+19.3%).

However, York County and Williamsburg saw notable decreases in pending sales, down by 14 and 10, respectively.

Home Prices:

Median sales price climbed by 2.2% to $403,500.

Charles City County and Williamsburg registered significant price hikes, rising by 21.2% and 13.3%, respectively.

Listings:

Total listings fell by 12.9%, leaving 473 available properties.

Williamsburg experienced the largest reduction in listings (-50.8%).

New Kent County also had fewer listings, dropping by 19.4%.

The market showed contrasting trends across different counties, with variations in sales activity, pricing, and inventory. 

TIA STANLEY REAL ESTATE - RE/MAX CAPITAL 757-243-3245

Sources: Virginia REALTORS®, data accessed April 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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