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
Land sales statistics with 3 month duration

Here we have the same approach to land as I followed yesterday while reviewing residential properties, both total and with the subset of waterfront. This two set of statistics reviews the land sales for the same durations, November&December of 2019 and then January of 2020. This is the same period used for the following three years to give you pre and post-covid perspective. Once again it shows a major shift in the market. The four counties that have been included are: Westmoreland, Richmond, Northumberland and Lancaster.

Land sales (all) for the four counties
  N/D 2019, J 2020 N/D 2020, J 2021 N/D 2021, J 2022 N/D 2022, J 2023 Active
# sold 42 79 101 55 516
$ sold millions 3.2 9.6 11.4 6.1 70.2
Med. sales $ 32,500 70,000 55,000 60,000 59,000
Med. DOM 252 309 222 199 347

Waterfront sales have changed a fair amount, but are still fairly strong if you look at post-covid versus pre-covid. 15 sales in the 2019 period while in the most recent 3 months ending January 31 of 2023 there have been 32 sales.

Waterfront land 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 15 44 52 32 226
$ sold millions 2.5 8.1 8.8 5.2 45.4
Med. sales $ 135,000 143,250 105,000 118,750 132,500
Med. DOM 304 386 316 211 316

And just to keep this a bit in perspective, there are many many listings for land that have been on the market for forever. I looked at the most long standing group of land listings (not waterfront) and there is a considerable number that have been on since 2005 with no price change.Not precisely responding the market. I think that's a waste. Whatever was going on with the covid market certainly put those properties in a better position to be sold than now when we have started to turn the corner even on land sales. So it goes.

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