November 2023 Market Report
- info@movevateam.com
- Nov 28, 2023
- 2 min read
For Richmond
U.S. sales of existing homes recently fell to a 13-year low, dropping 2.0% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of REALTORS® (NAR), as surging interest rates and elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year, but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.
New Listings increased 0.6 percent for Single Family homes and 13.8 percent for Condo/Town homes. Pending Sales decreased 0.2 percent for Single Family homes but increased 2.6 percent for Condo/Town homes. Inventory increased 0.8 percent for Single Family homes and 29.2 percent for Condo/Town homes.
Median Sales Price increased 6.7 percent to $400,000 for Single Family homes and 5.7 percent to $359,143 for Condo/Town homes. Days on Market increased 12.5 percent for Single Family homes but decreased 4.5 percent for Condo/Town homes. Months Supply of Inventory increased 25.0 percent for Single Family homes and 35.7 percent for Condo/Town homes.
Total housing inventory going into October was at 1.13 million units, up 2.7% from the previous month but down 8.1% compared to the same time last year, for a 3.4 months’ supply at the current sales pace, according to NAR. The shortage of homes for sale is making it harder for buyers to find a home to purchase while at the same time pushing sales prices higher nationwide, with the median existing-home sales price rising 2.8% annually to $394,300, the third consecutive month of year-over-year price increases.
See the Full Report Here:
For Williamsburg
〉 In the WAAR region, sales continue to moderate. There were 240 sales in October, 35 fewer sales than the previous year, a 12.7% decrease. Sales fell in York County with 32 fewer sales than a year ago (-39.0%) and in James City County which had 13 fewer sales (- 10.7%). Activity was up in Williamsburg this month with seven more sales than last year (+30.4%).
〉 Pending sales went up in the WAAR footprint this month. There were 237 pending sales in October, an increase of 13.4% compared to a year earlier, which is 28 more pending sales. In Williamsburg, there were 15 more pending sales than last year (+125.0%) while in James City County there were nine additional pending sales (+8.6%). Charles City County saw a small dip in activity with two fewer pending sales than the year before (-33.3%).
〉 Home prices are still on the rise in most parts of the WAAR housing market. In October, the median price of a home was $436,883 in the region, 15% more than the previous year, a $56,883 price gain. The median sales price dropped in Charles City County (-16.4%) and New Kent County (-3.9%). Prices increased in York County (+21.2%), Williamsburg (+6.3%), and James City County (+15.2%) this month.
〉 The number of active listings continued to shrink in the WAAR footprint. There were 517 listings on the market at the end of October regionwide, 78 fewer listings than last year, falling by 13.1%. Listings decreased in all local markets this month with York County (- 19.9%) and Williamsburg (-41.9%) having the sharpest drop off in active listings.
See the Full Report Here:
Sources:
Williamsburg Realtors®
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