Housing sales rose in the fourth quarter of 2024 in the Chesapeake Bay & Rivers market. There were 261 sales in the CBRAR footprint during the fourth quarter, an increase of nine sales from a year ago, a 4 percent increase.
The Chesapeake Bay & Rivers Association of Realtors is the local Realtor association for Gloucester, Mathews, Middlesex, the portion of King and Queen County known as the Buena Vista District and the portion of King William County known as West Point.
According to a recently released quarterly report, housing price growth was strong in the region to close out 2024. The regionwide median sales price was $364,500 in the fourth quarter, climbing 11 percent from last year, a $36,500 increase.
Inventory remained flat overall in the market. There were 310 active listings throughout the area, just one more last year (+0.3%). Sales went up in October and December but fell in November compared to the previous year. Activity decreased in Mathews County while sales surged in King William County. Statewide, sales activity rose 14.1 percent from last year to this year.
Mathews County saw a 41 percent drop in sales with 27 total sales in the fourth quarter, 19 fewer sales than the year before. There were 107 home sales in Gloucester County, up 2 percent or two sales in the fourth quarter compared to last year. King William experienced the largest increase; in the fourth quarter there were 70 sales in the county, 27 more than the previous year, a 63 percent surge in sales activity.
After trending up for four consecutive quarters, sales dipped in Middlesex County. There were 43 home sales in the fourth quarter, 9 percent less than a year ago, which is four fewer sales. Sales activity in King and Queen County increased 27.3 percent with 14 sales in the fourth quarter, three more sales than a year earlier.
The days on market for real estate properties was longer this quarter compared to a year earlier. For homes in the CBRAR footprint, the median days on market was 30 days in the fourth quarter, 14 days longer than the year before. Homes in Middlesex County stayed on the market longer (36 days) than homes in King and Queen County (six days). In Virginia, the median days on market was 16 days in the fourth quarter, three days slower than a year ago.
To view the entire CBRAR quarterly report, visit the association’s website at www.cbrar.com.