New Kent Is Showing Real Strength in 2026Latest Single-Family Housing Market UpdateCompiled by Tia Stanley Real Estate - RE/MAX CAPITALThe latest published housing data for single-family detached
Local Real Estate Market Trends April 2024
Dated: June 10 2024
Views: 162
The Virginia areas covered by this report are New Kent County, Charles City County, Williamsburg, James City County, & Yorktown/York County.
So a little late with the latest real estate market trend report for April 2024 that came out in May 2024, but wanted to get this out before the May report is available.
Significant Uptick in WAAR Sales Activity This Month
This month, sales activity surged in the WAAR (Williamsburg Area Association of Realtors) region. April saw a total of 292 sales, marking a 15.4% increase compared to the same time last year, equating to 39 additional transactions. Most local markets experienced a growth in sales numbers, with James City County leading the way, boasting 20 more sales than the previous year, a 17.4% rise. York County also showed a positive trend with nine additional home sales, reflecting a 12.7% increase. New Kent had 49 sales up 19.5% over last year's 41 sales.
Pending Sales Continue Upward Trend in WAAR Region
Pending sales in the WAAR area have grown for the third consecutive month. April recorded 284 pending sales, an increase of 4.8% from last year, translating to 13 more pending transactions. Notably, James City County saw a significant boost in pending sales, with an impressive 23.1% rise, adding 28 more pending sales compared to the previous year. However, Williamsburg faced a decline, with 23 fewer pending sales, a decrease of 53.5% from last April.
Home Prices Climb in the WAAR Market
Home prices in the WAAR region continued their upward trajectory this month. The median home price reached $450,000, reflecting a 9.2% increase over last year and a substantial gain of $37,807. April saw price hikes across all local markets, with Williamsburg and Charles City County witnessing the most significant increases. Williamsburg's median sales price surged by 36.9%, while Charles City County saw a remarkable 68.3% rise.
Inventory of Active Listings Contracts
The inventory of active listings in the WAAR market has tightened significantly. At the end of April, there were 474 active listings, a 20.2% reduction compared to last year, which translates to 120 fewer listings. Williamsburg experienced a dramatic drop in listings, with 76 fewer available properties, a decrease of 71.7%. Similarly, New Kent County saw a reduction of 42 listings, marking a 31.1% decline. On a positive note, York County and James City County showed slight increases in listing activity, with gains of 2.8% and 1.0%, respectively.
Contact Tia Stanley Real Estate - RE/MAX CAPITAL to discuss this report or your real estate needs. 757-243-3245
Source: Virginia REALTORS®, data accessed May 15, 2024
Tia Stanley
A full-time REALTOR since 2006, I have nurtured relationships with clients, other agents and contractors earning trust and loyalty, resulting in repeat business, referrals, and quite a few friendships....
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