Here it is, the information that will give us pretty good perspective about what has gone on in the last year and how the Northern Neck market fits in overall.
This covers the four counties of the Northern Neck (Richmond, Lancaster, Northumberland and Westmoreland).
Really considerable difference between 2018 and 2019 and then 2020 and 2021. Looking at the two sets of two years there's been a huge percentage increase in numbers of properties sold. Huge percentage increase in dollars sold. A very active market.
All residential sales 1/1 to 12/31
| |
2018 |
2019 |
2020 |
2021 |
Active |
| # sold |
617 |
626 |
892 |
854 |
103 |
| $ sold (millions) |
183.8 |
195.8 |
332.9 |
350.3 |
|
| Median sales price |
238,500 |
245,000 |
310,250 |
312,000 |
|
| Median days on market |
154 |
139 |
128 |
73 |
|
The above reflects what we've been hearing in general about the real estate market: Not as much inventory and higher prices. Obviously looking at the waterfront properties right below (a subset) that change in median sales price is much more notable.
Waterfront residential sales (subset of above)
|
|
2018 |
2019 |
2020 |
2021 |
Active |
| # sold |
313 |
312 |
524 |
419 |
58 |
| $ sold (millions) |
134.1 |
142.5 |
261.7 |
252.5 |
|
| Median sales price |
375,000 |
388,000 |
430,000 |
520,000 |
|
| Median days on market |
190 |
157 |
138 |
73 |
|
And here's the land information to take a look at. Sales really picked up in the last two years.
All land sales 1/1 to 12/31
| |
2018 |
2019 |
2020 |
2021 |
Active |
| # sold |
161 |
153 |
266 |
406 |
611 |
| $ sold (millions) |
13.8 |
15.2 |
25.5 |
40.6 |
|
| Median sales price |
35,294 |
45,000 |
49,500 |
48,500 |
|
| Median days on market |
265 |
231 |
277 |
232 |
|
A huge difference in land sales in the last two years. Still quite an inventory but as I've said before, there are some lots that have been on the market for ten years and probably will not budge because they aren't priced right even for this market.
Waterfront land sales (a subset) 1/1 to 12/31
| |
2018 |
2019 |
2020 |
2021 |
Active |
| # sold |
48 |
59 |
123 |
193 |
271 |
| $ sold (millions) |
7.9 |
9.5 |
19.8 |
32.3 |
|
| Median sales price |
154,250 |
125,000 |
130,000 |
123,000 |
|
| Median days on market |
305 |
291 |
351 |
301 |
|
