December 2024 Market Update for Williamsburg and Surrounding Areas
The real estate market in Williamsburg and surrounding areas for December 2024 is showing some significant trends:
Prices: The median sales price has increased to $450,000, reflecting a 5.4% increase from November 2024 and a 5.9% increase from December 2023. This indicates that prices are still rising, despite a decrease in sales activity.
Sales: Settled sales have decreased by -7.9% from last month, showing fewer homes are closing. This trend could be reflective of the overall slowdown in the market.
Inventory: Active inventory is down by -24.0% compared to last year, and new listings are also down by -11.9% compared to December 2023. Fewer homes are available for sale, contributing to a tighter market.
Days on Market: Homes are taking longer to sell, with a 3.4% increase in median days on market, now at 23 days.
Seller’s Leverage: Sellers are still receiving a high percentage of their asking price, with homes averaging 99.5% of the list price, down slightly by -0.3% from last month.
Market Tightness: The market continues to be competitive, with only 1.7 months of inventory available, indicating it’s still a seller’s market.
In summary, while the market is seeing fewer sales and listings, prices are still rising, and the inventory remains limited, creating a competitive environment for buyers. Sellers continue to benefit from strong pricing and high demand, despite the slowdown in sales.
