Local Home Sales Report: 2nd Quarter 2024

Market Report Key Takeaways: Second Quarter 2024

Economic Conditions

Virginia's Economy added back 8,800 jobs between April and May 2024. This job growth is bringing more opportunities for residents.

Unemployment Hits New Low Great news for job seekers: Virginia's unemployment rate dropped to 2.7% in May 2024, down from 2.8% the previous year. The WAAR region is even better off with a 2.6% unemployment rate, a decrease from 2.7% a year ago.

Mortgage Rates If you're considering buying a home, the average rate for a 30-year fixed mortgage was 6.77% in the third week of July 2024. While it's slightly lower than the same time last year (6.78%), it's a bit higher than the start of 2024 (6.62%).

Housing Market Conditions

Moderating Sales Activity The WAAR regional housing market saw a bit of a slowdown this quarter. With 928 homes sold, that's 64 fewer sales compared to last year, marking a 6% decrease. This moderation indicates a cooling market but still active compared to historical norms.

Rising Home Prices Despite the slowdown in sales, home prices are still climbing. The median sales price in the WAAR area hit $435,000 in the second quarter, up 3% from last year, which translates to a $13,000 increase. This upward pressure on prices highlights the region's desirability and strong market demand.

Stable But Low Inventory Levels Inventory levels remained relatively stable, with 542 active listings at the end of the second quarter in the Virginia Peninsula area. This is just two fewer listings than last year, indicating a balanced market in terms of available homes.

Charles City, James City, New Kent, Williamsburg, and York Counties

Charles City County

In Charles City County, the second quarter saw 10 home sales, which is two fewer than last year, marking a 17% drop. While the decrease is notable, the county continues to offer unique properties that attract discerning buyers.

James City County

James City County had a positive second quarter with 443 home sales, 17 more than a year ago, representing a 4% increase. This growth highlights the area's ongoing appeal and robust housing market.

New Kent County

New Kent County also experienced growth, with 138 home sales in the second quarter, up 3% from last year. This increase of four additional sales indicates a steady demand for homes in the county.

Williamsburg

Williamsburg faced a significant slowdown, with only 63 home sales in the second quarter. This is 26 fewer than the previous year, reflecting a substantial 29% drop. Despite the decline, Williamsburg remains a sought-after location for its rich history and vibrant community.

York County

York County experienced a similar downturn, with 274 home sales in the second quarter, 57 fewer than last year, resulting in a 17% drop. The decrease suggests a temporary cooling in the market, yet York County continues to be a desirable place to live.

Stay tuned for more updates from Tia Stanley Real Estate - RE/MAX CAPITAL as we keep you informed about the latest trends and insights in the Virginia housing market! 757-243-3245

Source: Virginia REALTORS®, data accessed July 15, 2024

Address:	1176 Jamestown Rd Ste A Williamsburg, VA 23185
Phone:	757-564-1557
Phone:	757-243-3245

Local Home Sales Report: 2nd Quarter 2024

Market Report Key Takeaways: Second Quarter 2024

Economic Conditions

Housing Market Conditions

Charles City, James City, New Kent, Williamsburg, and York Counties

Charles City County

James City County

New Kent County

Williamsburg

York County

Tia Stanley

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