Williamsburg Area Housing Market Slows Down, But Prices Stay Up

The Williamsburg Area Association of REALTORS® (WAAR) housing market slowed down in the second quarter. Sales have fallen in the area for the last three years as home prices remain elevated. Regionwide, active listings were lower this quarter than the year before. Supply is growing but still lower than what is needed to meet demand in the market.

Sales activity dipped compared to the second half of last year. In the WAAR region, there were 928 sales during the second quarter, 64 fewer sales than the previous year, decreasing by 6%. Within the first quarter, which covers April through June, sales were up in April but fell in May and June compared to the same time a year earlier. The sharpest increase in sales occurred in James City County while York County saw sales growth drop the most this quarter. Statewide, sales in the second quarter went up 2% from the year before.

Home prices continued to trend up in the WAAR market. Regionwide, the median sales price was $435,000 in the second quarter, $13,000 higher than a year ago. Most local markets saw median home prices go up except for James City County. Throughout the state, prices jumped 5.7% from last year with the median sales price at $425,000 in the second quarter.

Homes took slightly longer to sell in the WAAR area than a year ago. The median days on market was 8 days in the area, two days longer than the previous year. In the second quarter, homes took the longest to sell in New Kent County (12 days) and sold the fastest in York County (7 days). At the state level the median number of days on market was eight in the second quarter, one day longer than last year.

The number of active listings inched down from the previous year. There were 542 listings at the end of the second quarter, two fewer listings than a year earlier. York County saw listings go up the most while listings in Williamsburg saw a sharp decline. In Virginia, there were 18,340 active listings at the end of the second quarter, up 25% from the year before, which is 3,662 additional listings.

Information provided by Virginia REALTORS® for the Williamsburg area.