Recap of 2018 Real Estate Sales in Williamsburg

2018 was a solid real estate year in Greater Williamsburg. Consumer confidence is definitely on the rise, as measured by sellers entering the market. Closed sales were up slightly over the year before, and there is definitely some urgency in the market with an expectation of interest rates inching up each quarter. In January, the 30 year conventional rate was 3.9%, and by the end of the year it had risen to 4.4%. For a moderately priced home at $250,000, that means a $123 increase in house payment. Other notable stats are price and time on market. Despite a modest gain in the number of sales for the year, prices hovered just below last year. Median days on market took a sharp drop to less than 30 days, although there is a significant difference for properties over $500,000, which remained on the market for 121 days, on average. Data reflects detached and attached sales in Greater Williamsburg (23185, 23168, 23188) for calendar year 2018, WMLS.

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