Home Sales Show Slight Gain But Marketing Takes Longer

Home Sales Show Slight Gain But Marketing Takes Longer

According to the most recent 2024 Virgina Home Sales Report released by Virginia REALTORS®, Virginia’s housing market showed a slight gain in 2024. There were 5,640 home sales across the state in January, 31 more sales than a year ago.

There were 176 sales in January in the Williamsburg area footprint, growing by 8% compared to the same time last year, with an additional 13 sales. This is the second increase in sales in the last three months. York County had 20 more sales than the previous year (+50.0%) while James City County had 19 more sales (+29.2%).

Inventory remains tight but has shown a modest improvement. At the end of January there were 15,229 active listings on the market in Virginia, 362 more listings than a year ago. This is the second straight month of more active listings on market. However, it does not necessarily reflect more sellers, but homes that are staying on the market longer. There were 8,034 new listings in Virginia in January, 122 fewer than a year ago.

“Many homeowners looking to buy another home remain reluctant to lose the low mortgage rates they are currently locked into,” says Virginia REALTORS® Chief Economist Ryan Price. “Because of this, many would-be sellers are choosing to pause their plans and not list their home for sale.”

“If mortgage rates continue to fall further as we proceed through the year, more move-up buyers could be enticed to enter the market, and this could provide some much-needed inventory supply across the commonwealth,” says Virginia REALTORS® CEO Terrie Suit.

Despite January’s flat sales activity, upward pressure on home prices remains a significant factor in housing markets across Virginia. The statewide median sales price in January was $371,889, nearly $22,000 higher than in January of last year. About two-thirds of the local markets in the state had a higher median sales price than last January (67%).

“The accelerated price growth has been driven by the low supply of homes for sale,” says Virginia REALTORS® 2024 President Tom Campbell. “We predict this trend will continue into the spring unless more listings come on the market.”

Information provided by Virginia REALTORS® and Williamsburg Area Association of REALTORS®. The Home Sales Report is published by Robin Spensieri, Vice President of Communications & Media Relations.