Find Virginia Waterfront property on the Northern Neck
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Contact Information
Kathryn Murray, associate broker
Tiffany Realty LLC
130 Rappa Point Road
Warsaw, VA 22572
Cell: 804-450-4442
Fax: 877-295-0940
Updated sales statistics as of February 2023

Here we have a series of three month periods to look at to see how the market has evolved. Although a bit odd, these periods are comprised of November and December and then January for the respective years. The first one is November and December of 2019 with January of 2020 and so it goes until the last one which is November and December of 2022 with January of 2023. We learn a lot looking at this.(Four counties are Richmond, Westmoreland, Lancaster and Northumberland.)

All residential sales for four counties
  N/D 2019, J 2020 N/D 2020, J 2021 N/D 2021, J 2022 N/D 2022, J 2023 Active
# sold 152 184 188 104 108
$ sold Millions 45.3 80.6 80.1 46.0 66.0
Med. sales $ 228,000 310,000 340,000 350,750 437,000
Median DOM 170 92 94 46 49

And here is the subset of the residential sales. This represents the same time frame as above and for waterfront residential properties.

Waterfront residential sales (subset of above)
  N/D 2019, J 2020 N/D 2020, J 2021 N/D 2021, J 2022 N/D 2022, J 2023 Active
# sold 66 92 94 46 49
$ sold Millions 31.2 61.8 58.6 30.3 45.1
Med. sales $ 415,000 566,500 573,000 643,955 799,0000
Median DOM 227 80 64 86 119

You can see that the number of sales of waterfront residential property has dropped greatly in this last 3 month period that has been analyzed. There are significantly fewer properties that sold even than in the period prior to Covid. So whjat that says about the market going looks a little rock. Also that the median sales price is now so far up there at almost $800,000 whereas in late 2019 the median sales prive was just a little over $400,000. Looks like the high end people have been trying to realize their extra bonus given the extraordinary circumstances that pushed people to look for special refuges. Not to say the Northern Neck isn't special, it certainly is. It is just like other markets which is likely past its peak. We'll see how this sorts itself out.

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