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Homes for Sale • May 3, 2024

Market Update May 2024

by Ted Evans

The following is a quick market overview for the general Williamsburg area real estate market. As of 5/2/24 there were 96 single family homes for sale in our market, with another 7 coming soon.  This is a dramatically low (even historically low) inventory level. Homes that are move-in ready and well maintained will be gone in 24 hours – most with multiple offers.

The level of inventory is impacted by the fact that most owners have a 30-year fixed rate below 4% and will not move/move-up and hold a 7% mortgage.   It’s a great market for most sellers, but not so great for buyers. I am seeing some balancing out above the $750,000 range – which has 40 of the 96 homes for sale. If you want to cash in that equity you’ve made over the past 5, 10, 20 years and buy a home over $750,000 – this may be the time to do that!

Please contact me at (757) 254-6678 or tevans@cbwilliamsburg.com with any real estate related questions.

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