Northern Neck Real Estate for Sale (Waterfront specialists)
Search here for all types of Northern Neck of Virginia Real Estate--a perfect retirement location
I really didn't want to take down what I put on about a month from ago. If you haven't read it it may help you have a broader context to the market, although what I'm adding right here is most up-to-date. You'll find that I've put a series of dashes at the end of what I'm putting up today, February 2nd. That's my story.
Having been in the real estate business here for 32 years I can pretty much feel what is going on. Even though I've done little active real estate business because of many family health issues, I guess you can't completely step away from it. I wanted to see how things are going based on the numbers and decided the best way to do this is to do 3 month periods as the reference point. For that reason I'm putting November, December, and January together to look at what has been going on. It will be cleaner if I do the full statistics on the message board I usually post, but here's the long and the short (which I will do today or tomorrow). The residential and the land has now been posted and complete on February 3. More great insight into the land sales can be found at the message board.
For 2019 N/D and J 2020 there were 152 homes sold. For that same period N/D 2020, J 2021 there were 184 and then the following year 188. For this most recent three month period, 2022 N/D and J 2023 we have sold 104 properties. Quite a major drop.
Looking at waterfront property as a subset and looking at 2019 N/D, J 2020 there were 66 sold. For the next period there were 92 and then the next 94. Obviously these two years represent the highly active covid market. In this most recent period of N/D 2022, J 2023 there have been 46 properties sold. That is a huge difference. So the heydey of people buying llike crazy because of covid has come to a real slowdown. We are even selling behind N/D 2019, J 2020 when covid hadn't occurred. This is an important development for sellers to look at. And obviously buyers are going to be seeing more "reduced" prices.....or as the new euphemism goes "improved" which I love.....
What a ride the real estate market has had. How totally active it has been all over the place and certainly here in the Northern Neck. And why not? This is a wonderful, gorgeous, quiet and special place to live. Fairly close by to major metropolitan areas (Washington, DC and Richmond) and other sizable destinations such as Fredericksburg and Williamsburg while being decidedly small town and rural. And if you are looking for waterfront it is extraordinary. That is the sales pitch and having moved from DC almost 35 years ago I can attest to the value of this country living. But on to the facts with some updated statistics.
Looking at statistics for the period September 1 through December 15 for a series of years gives us a snapshot of the waterfront residential market.
In 2019 there were 119 homes sold in that period. Average Days on Market was 117, median sales price $415,000 and total dollars $56.3 million.
In 2020 there were 195 homes sold in that period. Average Days on Market was 97, median sales price $500,000 and total dollars $109.4 million.
In 2021 there were 123 homes sold in that period. Average Days on Market was 69, median sales price $550,000 and total dollars $$76.7 million.
In 2022 there were 84 homes sold in that period. Average Days on Market was 78, median sales price $580,575 and total dollars $58.6 million.
The actives on the market in December 18 are 72. Average Days on Market is 126, median asking price $812,000 with total dollars being $75.3 million.
Looking at this we can see that the median sales price has gone up and up and up. That the big year for sales was 2020. We can see that for 2022 there were fewer homes sold in this timeframe than there were in 2019 which was pre-Covid. And what is currently on the market is rather high-end to have such a high median sales price. The Average Days on Market for the current listings is 126 which is even more than the average in 2019. It is all information that is helpful for anyone looking to buy or sell a waterfront home on the Northern Neck. There has been a sea change here as well as many other places. Sales have softened and prices will need to respond to the market. We'll see how it goes.
This is what I wrote at the end of 2020 after the onslaught of Covid purchasers made their way to the Northern Neck. It may give you some more indepth information.
Here's the year end summary of what has sold in the Northern Neck compared with two previous years. This clearly shows how our market has been innundated with people who are looking to go somewhere rural and beautiful during this covid-19 outbreak. There's been a real reckoning and it shows. An easier and bit more thorough bits of information is on the message board of this same site, so perhaps check that out.
1/1 through 12/31 All residential property types for Northumberland, Richmond, Westmoreland and Lancaster
2018 there were 617 properties sold at a value of $183.8 million
2019 there were 626 properties sold at a value of 195.8 million
2020 there were 892 sold at a value of $332.9 million This is a huge leap and if you realize that 2018 and 2019 were the best we had done since the 2008 banking meltdown then it is even more significant. Just look at that!
If we look at waterfront residential properties with all the same parameters then here's the breakout.
2018 there were 313 properties sold with a value of $134.1 million
2019 there were 312 properties sold with a value of $142.5 million
2020 there were 524 properties sold with a value of $261.7 That again, is a big deal. So there is a lot of activity in this part of the world and I believe the demand associated with covid and its current ramifications have pushed the market in ways we would not have seen otherwise.
If we look at LAND with all the same parameters then here's the breakout.
2018 there were 161 properties sold with a value of $13.8 million
2019 there were 153 properties sold with a value of $15.2 million
2020 there were 256 properties sold with a value of $24.4. Lots more acitivity in this sphere as well. There are 776 active listings but we have way too many land listings that just languish for 2, 4 or even ten years. Doesn't make sense to me.
Since you are reading this you probably know that there are great opportunities to live here and enjoy our way of life....taking advantage of the great waterways whether for bird watching, fishing, canoeing, kayaking or taking a glorious sail. We have the locations that are most enjoyable for you to experience.
I'm now working with Tiffany Properties having closed my business because I didn't want the hassle of all that. I'm pleased to be associated with this great firm in Tappahannock.
The statistics that I should put up frequently but haven't done such a great job (see top left button) should help you get a better idea of what is going on. Generally they cover sales in the four counties of the Northern Neck which include Westmoreland, Lancater, Northumberland and Richmond. Really once you get to know the area you realize how diverse these locations are. Well happy hunting....for great real estate deals. You can find them here and now. It is still a buyer's market.
For those who already know the Northern Neck, well it is a given that it is a beautiful place with many rivers and creeks to explore and enjoy. The Chesapeake Bay is closeby too and fishing can be extraordinary. Add to that historic sites, golf courses, some good restaurants (but be forewarned that off-season they are mostly closed), and you should certainly take a look.
There's lots to be learned in the course of buying or selling a house and we can offer the best of perspective. Looking to sell and we'll do a free market analysis and let you know just where your house fits in terms of sales and what is on the local Northern Neck market. Considering buying but you just aren't sure where the properties you are considering fit in, well we can give you that perspective that only a local professional has. Ones with years in the business and a way of looking at what seems complex but can be put into context. Call us and see!!
Our statistics are the only ones out there that can give you a real sense of what is going on. Isn't it better to know if our market is improving rather than asking around and getting anecdotal information. We have the numbers.
The beauty of the place and the relative reasonableness in price of many of the homes is bringing buyers and sellers together this year in better numbers than we've seen in the last few years. This is good for everyone...for those who have been wanting to sell and for those who have been wanting to have a place here to call their own.
Thinking of buying...then please consider joining us here in the Northern Neck to enjoy a world that includes properties on the Rappahannock and Potomac rivers as well as the Chesapeake Bay. (We have waterfront, waterview and water access properties as well as rural residences that take advantage of large expanses of open land). So if you are interested in selling or buying in our four counties (Essex county too) please take advantage of this site. As with all websites, full MLS information is available here, but whether we act as listing agents or buyers agents, remember we can provide you with the best of service.
There are a lot of options of property type in this area. Subdivisions offer amenities, while other properties provide extra privacy for someone escaping the city and searching for a really rural experience. We have agents who can personally take you through the process with great professionalism.
Click on the search button to embark on a search for your Northern Neck of Virginia retreat or waterfront home--perhaps newly built home or an historic older home.(The Northern Neck has a very large number of historic homes of great quality.)
Keep in mind that all property in the search can be shown by any Realtor, working with an experienced professional will make your time spent more informative and effective. Work with a small firm that prides itself on service, knowledge and going the extra mile. Call us!!
River & Rural Realty's broker (Kathryn Murray) moved here from two major metropolitan areas and understands what it takes to transition to this quieter part of the world. We all have a lot of local perspective and experience, so call on us for assistance. (As you'll hear said "we know the 'Neck." And we do.) There are a set of reviews about her, as well as more on her background on the other buttons to the left. Those reviews are through a third party....no one was asked to do anything other than review....
(These photos were all taken within walking distance of where broker, Kathryn Murray lives...and takes lots of photos. She is represented at the Rappahannock Art League in Kilmarnock as well as with the Artists' Alliance at JarrettThor Gallery in Colonial Beach.)