Home Prices Keep Going Up in the Williamsburg Market

Home Prices Keep Going Up in the Williamsburg Market

Despite a slowdown in sales activity, home prices continue to surge upward. At $440,058, the June median sales price in the WAAR footprint was $34,284 higher than it was last year, representing an 8.4% price jump. Most local markets in the region had price growth in June led by James City County (+13.2%), York County (+8.3%), and New Kent County (+2.5%).

Inventory continues to build up slowly in the WAAR market. There were 590 active listings on the market in the WAAR region at the end of June, eight more listings than last year, inching up 1.4%.

The additional listings were in New Kent County (+37 listings) and Williamsburg (+13 listings). James City County had 24 fewer listings than a year ago.

Pending sales continue to cool down in the WAAR region. There were 304 pending sales across the WAAR housing market in June, 117 fewer pending sales than a year ago, which is a 27.8% decrease. Pending sales activity has been moderating in the region for 11 straight months compared to the prior year. The sharpest drop this month was in Charles City County (-75.0%), York County (-61.5%), and James City County (-15.2%).

Sales activity is moderating in several local markets in the WAAR footprint. There were 462 sales throughout the WAAR region in June, 95 fewer sales than a year ago, which is a 17.1% decline. James City County had 65 fewer sales than last June, which is a 24.1% decrease. There were six fewer sales in the Williamsburg market (-16.7%), and 37 fewer sales in York County (-21.4%). New Kent County and Charles City County were the only local markets with an increase in sales, up 16.2% and 25.0%, respectively from last June.

Information provided by the Williamsburg Association of REALTORS®