Real estate has become a popular avenue for people looking to diversify their income streams and potentially hedge against inflation. Whether you’re a seasoned pro or just getting started in investing, Williamsburg, VA, is certainly worth considering.
Williamsburg is located on Virginia’s eastern coast and is surrounded by other historic towns such as Jamestown and Yorktown. Though the city has a historic colonial city center, it has more than kept up with modern times. In fact, it's now a central hub for east coasters after a small town vibe without sacrificing all the conveniences of the city.
But what about the Williamsburg real estate market? What do stats and trends look like, especially right now? Facts and figures are constantly changing, so we’ve gathered all the most up-to-date information for you.
Here are some of the top trends for February 2024 in the Williamsburg real estate market:
Williamsburg General Statistics
Population (city proper): 16,377 (up 1.2% since 2020)
Population (metro area): 1,808,102
Area (city proper): 8.9 sq. mi.
Area (metro area): 3,530.4 sq. mi.
Median Age: 24.6
GDP: $6.57 Billion
Unemployment rate: 3% (state-wide; up .1% since November 2023)
Top employers: Jamestown-Yorktown Foundation, National Center for State Courts, Colonial Williamsburg Company, Newport Hospitality Group, Colonial Williamsburg Foundation, Snow Companies, Guidestar, Williamsburg Landing, Merrimac Center, MHI Hospitality Corp.
Highest paying jobs: Cyber Security, Project Management, Attorney, Nurse, Truck Driver and Operator, Retail Management, Accounting, EMT, Data Entry.
Median income (per capita): $35,264
Median income (household): $66,815
Williamsburg Real Estate Market Statistics
Neighborhoods: 22
Homes for sale as of February 2024: 345
Median list price: $477.5K (up .02% since July 2023)
Median sold price: $439K (up 2% since August 2023)
Sale-to-list price ratio: 100%
Median price per square foot: $215
Median days on market: 44 (down 14% since August 2023)
Rental vacancy rate: N/A
Homeowner vacancy rate: N/A
One-year appreciation rate: +5.7%
Average rent: $1,671 (up .01% since 2021)
Price-to-rent ratio: N/A
Most expensive neighborhoods:
Neighborhood | Average Monthly Rent | Median Listing Price |
South England Point / Kingsmill | ||
First Colony | ||
Windsor Forest | ||
Longhill Gate / Longhill | ||
Powhatan Village / Monticellio |
Least expensive neighborhoods:
Neighborhood | Median Monthly Rent | Median Listing Price |
New Town / The Mews | ||
Powhatan Woods / Plantation | ||
Old Stage Manor | ||
Grove | ||
Chickahominy Haven |
Final Thoughts: Williamsburg Real Estate Market Trends in February 2024
The Williamsburg real estate market is constantly changing and evolving. But the potential for investors to profit is near-constant. Whether you’re an experienced real estate investor or brand new to the industry, the Williamsburg real estate market could provide ample opportunity to build your portfolio.
Get Started Buying Homes With Evernest
Whether you’re purchasing one Williamsburg home or one hundred, you don’t have to go it alone.
If you’re ready to buy your first (or next) investment property, here are three steps to get started today:
Subscribe to our podcast: The Evernest Real Estate Investor Podcast—for all things real estate investing, being a landlord, growing your portfolio, and more.
Find a property: Make sure you sign up for our Pocket Listings to get notified of all the deals that come across our desk daily.
Get an investor-friendly agent: We can help with that—we would love to help you buy your next rental property investment.
This content was originally published on Evernest.co.
