The spring market has arrived in Virginia. Let’s take a look at some of the trends we’ve seen so far this year in the Williamsburg area market. Click here to view a printable copy of our market report.
- HOME PRICES ARE STILL RISING. In February, the average sales price across the Williamsburg Association of Realtors (WAAR) markets increased by 11.8% to $403,810 from last February.
- INVENTORY REMAINS LOW. At the end of February 2022, there were 134 fewer active listings in the WAAR region than last year. This is a 26.4% decrease from February 2021.
- CLOSED AND PENDING SALES SLOWED DOWN. January and February exhibited a slow down in sales, with February’s closed sales down 16.7% from last year.
- DEMAND FOR HOMES IS HIGH. Continued low inventory is great news for sellers, but it can be intimidating for buyers. Working with local experts with a track record of marketing homes and writing winning offers will make your home sale or purchase a success.