WAAR REGION:

Williamsburg, James City County, York County, New Kent County, Charles City County VIRGINIA

A Detailed Look at Housing Trends by Tia Stanley

Total Home Sales

During the third quarter of 2024, real estate sales within the WAAR market experienced notable changes. Charles City County emerged as a bright spot, recording 11 closed sales—a 38% rise compared to the previous year. Meanwhile, other localities experienced declines. James City County recorded 392 sales, a modest decrease of 3.9% or 16 fewer transactions than the prior year. New Kent County saw a steeper 19% drop, with 118 transactions, reflecting a decline of 27 sales. Williamsburg’s market faced a significant dip, with 57 homes sold—a 26% decline from last year. York County also witnessed a slowdown, with 244 sales, 76 fewer than the previous year, equating to a 24% decrease.

Home Prices

Overall, home prices within the WAAR region maintained an upward trajectory in the third quarter of 2024. The median sales price across the region climbed to $432,185, marking a 4% increase or a gain of $16,635 from a year ago. At the local level, York County exhibited the most substantial growth, with a median sales price of $428,679—an increase of 6% or $24,264 from last year. James City County also saw a notable rise, with its median sales price reaching $460,000, a 5% increase year-over-year. Conversely, Charles City County experienced a decrease in its median sales price to $295,000—a 2% drop. New Kent County’s median sales price fell marginally to $401,177, while Williamsburg saw a modest increase to $362,000, up by 3% from the prior year.

Sold Dollar Volume

Sold dollar volume in the WAAR region totaled $400.5 million during the third quarter—a decrease of 8% or $33.2 million compared to last year. This decline was most pronounced in York County, where sold volume dropped by $24.9 million (an 18% decrease). Meanwhile, James City County bucked this trend, recording a $15.3 million gain in sold volume due to higher home prices. Charles City County, however, saw a sharp 48% decline in sold dollar volume, while New Kent County experienced a 20% drop. In Williamsburg, the lower sales activity led to an overall decrease in sold dollar volume despite rising home prices.

Median Days on Market

The pace at which homes sold varied across the WAAR region during the third quarter of 2024. Charles City County saw homes selling in a median of just five days—four days faster than the previous year. In contrast, homes in James City County took longer, with a median market time of 11 days, four days slower than last year. New Kent County homes took a median of 14 days to sell, while properties in Williamsburg and York County sold within a median of 12 and 8 days, respectively, reflecting slight changes from last year’s figures.

Inventory Levels

The third quarter closed with an uptick in active listings within the WAAR market, with a total of 636 properties available—127 more than the previous year, marking a 25% increase. This rise in inventory was driven largely by James City County (284 active listings, a 40% increase) and York County (178 listings, up by 41%). New Kent County had a slight decrease in active listings, while Williamsburg experienced a marginal 2% decline. Charles City County’s inventory decreased by two listings.

Economic Context

Virginia’s broader economic backdrop played a role in shaping housing trends. Statewide, the labor market showed signs of softening, with 5,800 fewer jobs in August compared to July 2024. The unemployment rate in Virginia rose to 3.5% in August 2024 from 3.1% the previous year, while mortgage rates remained volatile, ending the fourth week of October at 6.54%. Despite these headwinds, home prices have generally remained resilient across the WAAR region. 

Contact Tia Stanley - RE/MAX CAPITAL 757-243-3245 for help with your real estate needs. 

Resource Credit: Data sourced from Virginia REALTORS®