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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Northern Neck sales statistics as of August 2021

What I've put together here covers an almost 6 month period. Just had to get this done otherwise other things of interest would come along and it wouldn't be posted. What I've done is pulled numbers from March 1 through August 22nd for the years 2020 and 2021. What I'm trying to see, and you will see this shows it, is just how much the market has continued to evolve which really means how it is still booming. Below are residential sales for the four counties--Westmoreland, Northumberland, Lancaster and Richmond. Then there is the subset of waterfront residential sales. Then I do the same thing with land. At the end of this I'll add some comments.

All residential sales, 4 counties 3/1-8/22
  2020 2021 Active
# sold 421 461 143
$ sold (millions) 142.7 181.6 81.8
Median sales price 286,000 303,000 395,000
Median days on market 145 73 70

 

Waterfront residential, subset of above

 

2020 2021 Active
# sold 252 221 73
$ sold (millions) 111.5 128.9 59.6
Median sales price 400,000 490,000 649,000
Median days on market 165 74 73

 

All land sales, 4 counties, 3/1-8/22

  2020 2021 Active
# sold 101 221 789
$ sold (millions) 7.6 25.3 108.3
Median sales price 26,500 55,000 69,500
Median days on market 316 229 278

 

Waterfront land sales, subset of the above

  2020 2021 Active
# sold 41 114 395
$ sold (millions) 5.5 20.7 81.1
Median sales price 95,000 136,250 140,000
Median days on market 357 265 255

It's clear that the market is still in overdrive. There isn't much inventory in the residential sphere and so properties sell almost as quickly as they come on. It's evident in 2020 we were selling off inventory that had been around for a while since days on market were 145 for all residential and 165 for waterfront. That changed considerably in 2021 with the days on market being 73 and 74 respectively.....a 50% drop in days. And as is true throughout the U.S. we don't have much residential inventory. We used to easily have a year's worth of residential inventory and here we barely have a couple of months. Yes, highly competitive for buyers and a real incentive for sellers to take advantage of this market.

Land sales, too have seen a lot of action. At least twice as many lots sold in the overall and the waterfront categories when we compare 2021 to 2020. Unlike the residential market there is plenty of inventoy out there and the median days on market are still more than half a year. Of course there are some listings that really skew these statistics badly. In just glancing at the sales I noted that some of these sales were listings that were on the market for as many as 5,000 days or then there are many that were 2,000 days.....that's a long time to be on the market.

These numbers hopefully give you an idea of what is going on out there. It is still extremely active and prices are going up. It is very much a sellers' market.



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