Potential home buyers could pay a little more for a home in the Williamsburg area, depending on where they buy.
“The August home sales were about what we expect for this time of year,” said Lisa Noon, CEO for the Williamsburg Area Association of Realtors.
“This is the time of year where people tend to look for homes right before school starts and we will see a bit of an uptick… we have seen upticks in just about every category. We’re in good shape.”
The median sales price for single-family detached homes was up 4.6 percent to $349,354 and 3.5 percent to $196,000 for single-family attached properties since last August, according to a news release from the Williamsburg Area Association of Realtors.
There have been 163 home sales so far this year, which is nine less than this time last year. There were 19 home sales in August.
Houses are also selling quicker than they did a year ago. On average, houses spent 34 days on the market, compared to 52 days in 2016.
The median sale price in James City County was $337,260, which is $30,000 more than this time last year. The City of Williamsburg’s median sale price dropped by $34,000 to $213,000, while York County increased by $40,000 to $299,870.
The area also has seen an increase in the housing supply since this time last year.
The current inventory is at 605 houses, which is 63 more than this time last year.
Noon said usually the most sales come in James City County but she said a lot of the activity took place in New Kent County.
New Kent County had 16 new listings in August, which is nine more than they had a year ago.
James City County has 29 more houses available than it did in August 2016 but had 132 closed sales, which is 12 fewer than a year ago. York County has 39 more houses available and Williamsburg has 21.
“This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape,” according to the news release.
James City County and the Virginia Housing Development Authority will host a first time homeowners class next month.
The class will cover personal finances, credit and credit scoring, qualifying and applying for a loan, choosing the right home and what happens at loan closing.
Want to go to the first time home owners class?
When: 6-9 p.m. Nov. 14 and Nov. 16
Where: Law Enforcement Center Community Room, 4600 Opportunity Way
Article courtesy of Virginia Gazette and Daily Press