For Richmond
Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.
New Listings decreased 28.0 percent for Single Family homes and 1.7 percent for Condo/Town homes. Pending Sales decreased 17.7 percent for Single Family homes but increased 27.5 percent for Condo/Town homes. Inventory decreased 25.2 percent for Single Family homes but increased 9.9 percent for Condo/Town homes.
Median Sales Price increased 4.5 percent to $407,500 for Single Family homes and 11.1 percent to $371,925 for Condo/Town homes. Days on Market increased 40.0 percent for Single Family homes and 35.0 percent for Condo/Town homes. Months Supply of Inventory remained flat for Single Family homes but increased 16.7 percent for Condo/Town properties.
Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.
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For Williamsburg
〉 Sales activity fell again in the WAAR region. In July, there were 328 sales in the area, 44 fewer sales than the year prior, falling by 11.8%. James City County saw the largest decrease in sales with 43 fewer sales than last year (-24.2%). Home sales were up in York County this month with eight more sales than the previous year (+7.5%).
〉 In the WAAR area, pending sales continued to drop. There were 259 pending sales this month, 12.8% less than a year ago, which is 38 fewer pending sales. New Kent County had 26 fewer pending sales (-36.6%) and James City County was down 23 sales compared to the same time last July (-16.1%). York County had a rise in pending sales this month with 21 more pending sales than a year ago (+38.2%)
〉 Sale prices jumped up in the WAAR market this month. The median sales price was $439,500 in July, $29,500 more than the year before, a 7.2% increase in price. Prices saw the biggest growth in Charles City County, up $135,000 (+75.0%) and New Kent County with a gain of $29,975 from last year (+8.0%). Williamsburg had a $10,500 drop in sales price (+3.0%).
〉 Active listings were down in July. There were 536 active listings on the market in the WAAR region at the end of July, decreasing by 18.3%, which is 120 fewer listings. In York County active listings saw the biggest drop off with 43 fewer sales compared to last year (-23.2%). Charles City County was the only local market where listings had a slight uptick with three additional listings (+33.3%).
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