Home sales trended up in the first quarter of 2024 in the Chesapeake Bay & Rivers region, according to CBRAR’s recently released housing report.
In the region that encompasses Gloucester, Mathews and Middlesex counties, the Buena Vista District of King and Queen County and the Town of West Point, there were 247 homes sold in the first quarter, up 11 percent from the same period in 2023, a gain of 25 sales.
Home prices are rising quickly in the CBRAR footprint. The median sales price in the region was $338,500 in the first quarter, climbing 11 percent from last year, a $33,500 jump.
The inventory of homes on the market is also growing in the region. There were 317 active listings in the Chesapeake Bay & Rivers area at the end of the first quarter, up 43 percent from a year ago.
“The economy is still growing and jobs are still being added to the economy both nationally and here in Virginia,” the report stated. “The strength of the economy is putting upward pressure on inflation w...