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 Market Trend Insights: May 2024
Dated: July 11 2024
Views: 223
Cooling Sales Activity in the WAAR Region: A May Market Update
By Tia Stanley Real Estate - RE/MAX CAPITAL
As we look back at May's real estate activity, it's evident that the market in the Williamsburg Area Association of Realtors (WAAR) region has experienced a notable cooling down compared to last year. Home sales across the region totaled 314, which is 14 fewer than May 2023, marking a 4.3% decrease.
York County and Williamsburg saw significant drops in home sales. York County sold 23 fewer homes, a sharp 20.2% decline, while Williamsburg experienced an even steeper drop of 39.5%, with 15 fewer homes sold. On the brighter side, James City County saw a significant uptick, with a 25.0% increase in sales, adding 32 more home sales compared to the previous year.
Pending sales, which had been growing for the past three months, also fell this month in the WAAR market. There were 266 pending sales in May, down by 23.8% from last year, equating to 83 fewer pending sales. New Kent County saw a significant decline in pending sales activity, with 31 fewer pending sales, a 44.3% drop. However, James City County was an exception, recording a modest increase in pending sales, with three more than last year, a 2.1% rise.
In terms of home prices, there was a slight decrease in the median sales price across the WAAR area. The median home price in May was $433,750, which is $1,250 or 0.3% less than the previous year. Despite this overall decline, some areas saw significant price gains. New Kent County's median price rose by 22.9%, and Charles City County saw a substantial increase of 42.1%. Williamsburg and York County also experienced price increases, with gains of 13.6% and 4.9% respectively. Conversely, James City County witnessed a 10.2% decrease in median price compared to last May.
The inventory of listings continued to contract in the WAAR region. At the end of May, there were 513 listings on the market, down 11.7% from the previous year, translating to 68 fewer listings. Williamsburg and New Kent County bore the brunt of this decrease, with Williamsburg seeing a 50.0% reduction (31 fewer listings) and New Kent County a 12.6% drop (15 fewer listings).
What Does This Mean for Buyers and Sellers?
For buyers, the cooling sales activity and slight dip in median prices may present new opportunities, especially in areas where prices have declined. However, the shrinking inventory means that competition for available homes could still be fierce.
Sellers in James City County and areas experiencing price gains like New Kent and Charles City counties might find the market conditions favorable, with the potential to capitalize on the rising home values. Nevertheless, the overall decrease in sales and pending sales suggests a need for strategic pricing and marketing to attract buyers in a more cautious market.
As always, whether you are buying or selling, having a knowledgeable real estate professional by your side can make all the difference. Stay informed, stay prepared, and don't hesitate to reach out for personalized advice tailored to your specific needs. Tia Stanley can be reached at 757-243-3245.
Source: Virginia REALTORS®, data accessed June 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....
Latest Blog Posts
NEW KENT COUNTY | CHARLES CITY COUNTY | WILLIAMSBURG | JAMES CITY COUNTY | YORKTOWN | YORK COUNTY | VIRGINIAMarket Update: November 2025 (Final Market Report Released in 2025)If you’re a home
By Tia Stanley Real Estate – RE/MAX CAPITALIf you’re planning to sell a home in New Kent County, Williamsburg, James City County, York County, or the surrounding Virginia markets, here
NEW KENT COUNTY | CHARLES CITY COUNTY | WILLIAMSBURG | JAMES CITY COUNTY | YORKTOWN | YORK COUNTY | VIRGINIASeptember 2025 Surges Bring Bigger Opportunities for Sellers (and Clarity for Buyers) - By
Copyright© 2026 REIN Inc. Information Deemed Reliable But Not Guaranteed. The listings data displayed on this medium comes in part from the Real Estate Information Network Inc.(REIN) and has been authorized by participating listing Broker Members of REIN for display. REIN's listings are based upon Data submitted by its Broker Members, and REIN therefore makes no representation or warranty regarding the accuracy of the Data. All users of REIN's listings database should confirm the accuracy of
All or a portion of the multiple listing information is provided by the Central Virginia Regional Multiple Listing Service, LLC, from a copyrighted compilation of listings. All CVR MLS information provided is deemed reliable but is not guaranteed accurate. The compilation of listings and each individual listing are ©2026 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved.
All MLS listings are © 2026 Central Virginia Regional Multiple Listing Service, LLC. All
All or a portion of the multiple listing information is provided by the Williamsburg Multiple Listing Service, LLC, from a copyrighted compilation of listings. All WMLS information provided is deemed reliable but is not guaranteed accurate. The compilation of listings and each individual listing are ©2026 Central Virginia Regional Multiple Listing Service, LLC. All rights reserved.
All MLS listings are © 2026 Williamsburg Multiple Listing Service, LLC. All rights reserved. No one may copy and/or repost these MLS listings, or any portion thereof, without the written permission of an authorized officer of the Williamsburg Multiple Listing Service, LLC.
All listings with the WMLS logo are provided courtesy of the IDX program.
Last Updated: September 10, 2026 4:21 PM UTC
