The Long & Foster Market Minute

FOCUS ON: JAMES CITY COUNTY HOUSING MARKET APRIL 2024

Units Sold
107
Active Inventory
131
Median Sale Price
$500,000
Days On Market
32
Up 23%
Vs. Year Ago
Down -11%
Vs. Year Ago
Up 8%
Vs. Year Ago
Up 23%
Vs. Year Ago

Units Sold
There was an increase in total units sold in April, with 107 sold this month in James City County Real Estate versus 94 last month, an increase of 14%. This month's total units sold was higher than at this time last year, an increase of 23% versus April 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 16 units or 11%. The total number of active inventory this April was 131 compared to 147 in April 2023. This month's total of 131 is lower than the previous month's total supply of available inventory of 137, a decrease of 4%.

Median Sale Price
Last April, the median sale price for James City County Homes was $463,905. This April, the median sale price was $500,000, an increase of 8% or $36,095 compared to last year. The current median sold price is 17% higher than in March.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
113
Current Contracts
109
Sold Vs. List Price
100.1%
Months of Supply
1.2
Up 6%
Vs. Year Ago
Up 3%
Vs. Year Ago
No Change
Vs. Year Ago
Down -28%
Vs. Year Ago

Months of Supply
In April, there was 1.2 months of supply available in James City County, compared to 1.7 in April 2023. That is a decrease of 28% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 113 homes newly listed for sale in James City County compared to 107 in April 2023, an increase of 6%. There were 109 current contracts pending sale this April compared to 106 a year ago. The number of current contracts is 3% higher than last April.

Sale Price to List Price Ratio
In April, the average sale price in James City County was 100.1% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 32, higher than the average last year, which was 26, an increase of 23%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by WAAR and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of WAAR or Long & Foster Real Estate, Inc.