For Richmond
U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.
New Listings increased 6.5 percent for Single Family homes and 24.0 percent for Condo/Town homes. Pending Sales increased 1.2 percent for Single Family homes and 13.4 percent for Condo/Town homes. Inventory increased 3.0 percent for Single Family homes and 14.4 percent for Condo/Town homes.
Median Sales Price increased 11.2 percent to $389,250 for Single Family homes and 9.8 percent to $351,635 for Condo/Town homes. Days on Market increased 3.8 percent for Single Family homes and 7.4 percent for Condo/Town homes. Months Supply of Inventory increased 33.3 percent for Single Family homes and 6.3 percent for Condo/Town homes.
Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.
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For Williamsburg
〉 In the WAAR market sales activity increased from a year ago. There were 176 sales in January regionwide, growing by 8% compared to the same time last year, 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%). The market with the biggest drop in sales was Williamsburg with 18 fewer sales than last January (-62.1%).
The number of pending sales continued to trend down in the WAAR footprint. In January, there were 187 pending sales in the region, 21 fewer pending sales than the year before, decreasing by 10.1%. Pending sales in New Kent County dropped off this month with 26 fewer pending sales than a year earlier, a 36.6% decline. Activity increased in York County with seven more pending sales (+19.4%) and in Charles City County with three more pending sales (+100%).
〉 The regionwide median sales price dipped for the first time in three years. For a home in the WAAR footprint, the median price was $404,183 in January, $5,768 less than last year, inching down by 1.4%. Sale prices in New Kent County jumped up 17.7% from the year prior, a $63,500 price increase. York County saw a $36,000 drop in home prices this month, falling by 8.7%.
〉 The inventory of active listings continues to get smaller in the WAAR footprint. There were 436 active listings on the market at the end of January, 6.2% less than the previous year, which is 29 fewer listings. The number of active listings declined in Williamsburg (-44.4%) and James City County (-10.8%) with both areas having 20 fewer listings than last January. The number of active listings in New Kent County grew by 11.6% in the month of January, 11 more listings than a year ago.
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Sources:
Williamsburg Realtors®
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