Local Market Trend Insights: August 2024

The WAAR market has experienced a notable slowdown, marking the fourth consecutive month of declining sales activity. In August, home sales across the region fell by 23.4% compared to last year, amounting to 271 sales—83 fewer than the previous year. Some areas were hit harder than others, with York County seeing the steepest decline of 45 fewer sales, representing a significant 36.0% drop. James City County also felt the dip, with 21 fewer homes sold, a decrease of 14.2%, New Kent County sales declined by 28.6% with 40 sales coming in lower than the 56 from previous year. However, there was a 'glimmer' of positivity in Charles City County, which saw one more sale compared to last year, doubling its sales activity.

Pending sales activity also softened in August, reflecting a continued cooling in buyer demand. The WAAR region reported 252 pending sales, 12 fewer than in the same month last year, marking a 4.5% drop. York County saw the sharpest decrease, with 16 fewer pending sales, down 23.2%. However, not all areas followed this downward trend. James City County saw a modest rise in activity, with seven more pending sales, a 5.6% increase.

On the pricing front, the WAAR region saw a boost in home values. The median home price climbed to $435,000, up 5.9% from last August—a healthy gain of $24,088. Williamsburg led the charge with an impressive $57,000 year-over-year increase, driving home prices up by a striking 19.0%, New Kent County however, was down 1.8% from $406,750 last year to $399,245 this year.

As sales activity slowed, inventory levels increased. At the end of August, there were 665 active listings across the region, representing a 29.1% increase over last year, with 150 more homes on the market. James City County and York County saw the largest spikes in inventory, with 68 and 64 additional listings, respectively, translating to 31.2% and 48.9% increases. New Kent County experienced a 30.8% increase in active listing from 107 to 140. On the flip side, Williamsburg saw a decrease in available homes, with 11 fewer listings, down 22.0% from last August.

Overall, while the WAAR market is seeing fewer sales and pending transactions, the rise in median home prices and expanded inventory suggests that the market dynamics are shifting, possibly providing more options for buyers but at higher price points. Number of Days on Market are up 13.2% at 31 days when averaging the last 12 months.

Stay tuned for more updates and insights from Tia Stanley Real Estate - RE/MAX CAPITAL as we continue to monitor and report on the latest market developments. Contact Tia Stanley at 757-243-3245 for a detailed market value analysis and equity report specific to your property.

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

Local Market Trend Insights: August 2024

Serving Virginia in the following areas: New Kent County, Williamsburg, James City County, Yorktown/York County, Charles City County, Gloucester

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