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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Interesting state of the Northern Neck real estate inventory

What I've put together is a set of statistics that covers from the 1st of the year until the 11th of March (today) for the years 2019, 2020, 2021 and 2022. This tells the story of pre-Covid (2029), beginning Covid (2020), very very crazy active real estate market Covid (2021) and we've burned through a lot of inventory, where do we stand Covid (2022). And it's all here in black and white. Thought it would be helpful to see.

This is for the four counties of the Northern Neck and as already said, for four years for just 2 months and a bit. Also, for the waterfront stats I've added how many properties are active and what their attributes are. That shows that we don't have much inventory and what we do have is definitely higher end. Those looking to buy "reasonable" waterfront, say in the under $500,000 category, aren't going to get many options and if priced right they will quickly disappear.

All residential, 4 counties, 1/1 through 3/11
  2019 2020 2021 2022
# sold 80 103 129 100
$ sold (millions) 23.7 31.8 48.5 44.8
Median sales price 247,500 230,000 285,000 324,950
Median days on market 150 168 100 85

Looking at this you can see that we sold a lot more in 2021 and that the price was higher.....that was until we got to 2022 when median sales price took another jump. Look at how many median days on market we've seen this year. Yes, things are selling fast!

Waterfront residential only (subset of above) (Kathryn Murray compiled)
  2019 2020 2021 2022 Active
# sold 40 48 61 41 52
$ sold (millions) 17.5 23.4 34.8 29.8 52.4
Median sales price 342,250 402,468 510,000 600,000 849,500
Median days on market 164 276 97 71 59

Look at that median sales price just march on up higher and higher, year by year. And now the median sales price for active waterfront listings is at $849,000. Wow! And relatively speaking, if there have been 41 properties sold in less than three months this year, with 52 actives we don't have much more than three months inventory. Perhaps there will be plenty of new inventory coming on since many wait until April or so to get into the market. Then again we don't really know if anything about this market is normal, do we?



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