River & Rural Realty--Find Virginia Waterfront property on the Northern Neck
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River & Rural Realty LLC
P.O. Box 503
Warsaw, VA 22572

Office: (804) 333-3311

Kathryn Murray, broker
Warsaw, VA 22572
(O): (804) 333-3311
Cell: 804-450-4442
Fax: 877-295-0940
EMAIL OFFICE
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Update on Land Sales in the Northern Neck

As we've been seeing, sales are improving for land here in the Northern Neck. The charts below show that really this is good news for this market that has been really sluggish for many years. Take a look and see just how far we've come since last year. This is very good news!

Land Sales (four counties of the Northern Neck) for 1/1 through 6/1
  2014 2015 2016 2017 Active
# sold 52 50 42 67 860
$ sold (millions) 6.9 4.2 5.6 7.5 106.9
Median sales price 104,500 39,250 49,250 87,500 73,000
Median days on market 155 215.5 274.5 317 443.5

Just look at how many more properties have been sold in 2017 in comparison to 2016....a 50% improvement over last year. That's great. And total dollars sold exceed the preceding three years. This is good. Yes, granted there are 860 active properties and their median days on market is 443.5, but in comparison to last year we've moved into much more positive territory!

And here's the waterfront subset. 

 WF Land Sales (four counties of the Northern Neck) for 1/1 through 6/1
  2014 2015 2016 2017 Active
# sold 23 22 14 31 395
$ sold (millions) 4.8 3.2 2.5 4.8 80.9
Median sales price 185,000 112,500 83,000 149,000 150,000
Median days on market 117 218.5 321.5 390 433

Big improvement in sales this year over last year. Big improvement over any of the last three years. Still a lot of inventory, but in a climate where far more is selling....also the median sales price is up considerably over the past two years. Some of the more expensive inventory is being sold and I am hopeful that people are getting ready to build on those nice lots. Yes, an improving market! 



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