I've been slow about doing statistics but I think that what I have here is very helpful. As we know sales on the Northern Neck of Virginia and in many other "non city" locations have just gone through the roof. Given our reasonable proximity to lots of major places...DC, Richmond, Fredericksburg, etc., it makes perfect sense that we got our fair share of "uptick" and really that is a huge understatement.
Here are some numbers for you to consider that cover Westmoreland, Northumberland, Lancaster and Richmond counties.
Residential sales, all for four counties
| Year |
2018 |
2019 |
2020 |
Active |
| # sold |
617 |
626 |
892 |
186 |
| $ sold (millions) |
183.8 |
195.8 |
332.9 |
93.0 |
| Median sales price |
238,500 |
245,000 |
310,250 |
319,000 |
| Median days on market |
154 |
139 |
128 |
99 |
Waterfront residential only (a subset)
| Year |
2018 |
2019 |
2020 |
Active |
| # sold |
313 |
312 |
524 |
91 |
| $ sold (millions) |
134.1 |
142.5 |
261.7 |
67.8 |
| Median sales price |
375,000 |
388,000 |
430,000 |
560,000 |
| Median days on market |
190 |
157 |
138 |
113 |
Sales of Lots
| Year |
2018 |
2019 |
2020 |
Active |
| # sold |
161 |
153 |
256 |
776 |
| $ sold (millions) |
13.8 |
15.2 |
24.4 |
85.1 |
| Median sales price |
35,294 |
45,000 |
48,000 |
59,975 |
| Median days on market |
265 |
231 |
273 |
482 |
There are many many lots that have been on for a zillion years with no action and so they really skew the numbers. If the bunch that have been on for 5 or more years were subtracted from this, the changes that took place in 2020 would look much more startling. Don't know why there are so many listings that just sit there with no pricing that relates to the market. I have learned that slow.....can be something that prevails here in the Northern Neck.
