A quick overview of the Williamsburg real estate market provided by the Williamsburg Association of REALTORS® shows homes priced between $200,000 and $400,000 are moving quickly if they look good and are priced correctly.
Especially encouraging is the $600,000 to $2,000,000 homes, which previously were slow to recover, are now enjoying a 50 percent increase in the first four months.
Home prices are increasing, in part, because of the resurgence of the higher end home sales. The biggest challenge remains a shortage of listings, which are down considerably from last year. There are some price categories with only a 2-4-month inventory level. In a more balanced market that would be more like a 5-6-month supply.
This shortage is understandable as some potential home sellers have opted to wait until this pandemic has subsided before proceeding with the sale of their home.