Market UpdateNews and Events February 21, 2024

How’s the Real Estate Market?


People often ask – “How’s the Market?”, “Is it going to continue to go down or pick up?”.  The way I look at it is that people have to move every day, regardless of the interest rates and political or economic conditions. Some people simply going to move.

We typically try to have one answer for questions like those above but the real estate market isn’t just impacted by one thing. Home buyers and sellers decisions are impacted by a variety of things – changes in family size (upsize or downsize), job changes, interest rates, health issues and more. So, assuming that “nothing is happening”, is not correct.

Let’s take a look at the US, Virginia, and the Williamsburg market over the last 5 years (2019-2023)

Units closed in the US – down 1,040,000 units, or 19.5%
Units closed in the VA – down 29,000 units or 22.8%
Units closed in Williamsburg – down 620 units or 29.2%
While these numbers reflect the decrease in the number of homes sold, there were still a lot of people who were buying and selling homes over the past 5 years.
So what does 2024 and beyond hold for Williamsburg?  It is extremely difficult to say.  What we do know is that there is very little inventory available right now.  Is there a pent up demand to move? Do some people have a “sit tight and improve our current home” mindset too?   It’s hard to know what the answers to these questions will be, but if you are interested in buying or selling a home this year – there is a VERY good chance we can make that happen. Give me a call and I would be happy to talk through your plans with you.
Ted Evans, Associate Broker
Coldwell Banker Traditions
(757) 254-6678