What is the Housing Market Like in Williamsburg, Virginia?

What is the Housing Market Like in Williamsburg, Virginia?

What is the Housing Market Like in Williamsburg, Virginia?

Interested in the red-hot housing market in Williamsburg, Virginia? Your competition might be fierce, but investing here could be well worth it. Realtor.com found that homes in Williamsburg were sold at around 2.08% more than the asking price over the last year. Pair this fact with limited supply, and it’s no surprise that, as of June 2022, the housing market in Williamsburg is characterized as a seller’s market. A seller’s market indicates a fundamental unbalance in supply and demand. In other words, there are more buyers than there are properties for sale. This is great news for investors, as seller’s markets are especially hard on residential buyers. That means that traditional buyers are more easily priced out of the market, and investors with more capital on hand can seamlessly move in. Besides the outsized demand, prices are competitive, too. The median listing price in Williamsburg is 435K USD in 2022, where the upward trend is 14% year over year (YoY). The median sold price is 487K USD, nearly $50,000 over asking. So, if you’re interested in selling instead of buying, you stand to make a profit of 11.4%! Interest piqued? Let's explore a few more reasons why you may want to consider Williamsburg for your next investment.

Life And Lifestyle in Williamsburg

Williamsburg is located in the northern part of the Hampton Road metropolitan area and boasts a population of about 15,000. Williamsburg is served by the James City County R-1 School District, which includes 17 elementary schools, 8 middle schools, and 8 high schools. According to research conducted by GreatSchools, all the institutions received rations of at least five out of ten, with many scoring a six or seven. Williamsburg is also a wonderful place to live! The neighborhoods are pleasant and welcoming, and the weather is often mild. According to Area Vibes, Williamsburg warrants a score of 77 on the livability index, which is better than 82% of other areas in the United States. The number of crimes per 100,000 people is only 1,352, which is a sizable 42% lower than the US average. In multiple reviews and conducted surveys, Williamsburg residents gave overwhelmingly positive reviews of the overall living conditions in and around the city, a positive sign for investors and year-round residents alike.

Growing Population In Williamsburg

According to the World population review, Williamsburg’s current population sits around 15,697. This figure grew by 0.87% in 2020, and 1.76% over the last 10 years. While not a massive uptick in local residents, 2020’s rate was nearly double the 10-year rate. This signals a gradual influx of new residents in the Williamsburg area. On average, the household income in Williamsburg is around 89K USD, alongside a 15.23% poverty rate. The median rental expenses in recent times come to $1,153 a month, and the median home value is $334,100. Among the habitats, 52.2% own their own home. Nearly half of the Williamsburg population - 42.62% - was born in Virginia, indicating a fairly strong desire among residents to stay local long-term. 5.37% of residents don’t have US citizenship.

Lucrative Job Market In Williamsburg

The job market in Williamsburg is stable, too. Over the past few years, occupational growth has been significantly higher. According to bestplaces.net, future job growth in upcoming years is expected to be around 34% in Williamsburg. The same statistics also illustrate a reasonable unemployment rate in Williamsburg, currently hovering around 6.4%. According to Niche.com, the city receives a good rating based on the local employment rate, jobs, and business growth. The reported median household income is around USD 60K. Williamsburg, Virginia residents are most likely to work in educational services, retail trade, and accommodation and food service sectors. Compared with other locales, Williamsburg boasts an unusual number of arts, entertainment, recreation, educational services, food, and accommodation-related industries. Wholesale business, lease, rentals, and manufacturing are the three industries in Williamsburg that offer the highest median wages ($103,929, $83,516, and $83,281, respectively).

Taxes In Williamsburg

As a city, Williamsburg is very tax friendly. It is especially suitable for senior citizens, so Williamsburg is often considered an ideal retirement destination. Social security income is tax-free here, and you don't have to pay tax on the first $12,000 USD earned each year. The average property tax rate in Virginia is less than 1%, and the real estate tax within the city is only $0.64 per $100, or 0.64%, for 2022.

Investors’ Pick

The real estate market is trending hot, making Williamsburg an attractive choice for investors. Here are a few facts that make Williamsburg an investment heaven:

  • Williamsburg real estate prices are 29% higher than the Virginia average.
  • In 2019, the typical home price in Williamsburg, Virginia, was $306,000, which is 1.27 times higher than the $240,500 national average. The median home value climbed 1.97% between 2018 and 2019, from $300,100 to $306,000.
  • Williamsburg, Virginia, has a 49.3% homeownership rate, which is less than the 64.1% national average.
  • According to Movoto.com, in June 2022, homes were going for a median rate of $439,944 in Williamsburg.
  • Williamsburg real estate sells, on average, after being on the market for 49 days. This is compared to 40 days last year.
  • In June 2022, Williamsburg saw an increase in home sales of 562 (as compared to 276).
  • For single-family homes, the median price per square foot is around $202.
  • For condos or townhomes, the median price per square foot is around $206.

Recreation and Tourism In Williamsburg

You'll adore exploring Northern Neck, Virginia, just an hour’s drive from Williamsburg, if you like to go boating, fishing, or just enjoy the waterside. Nearby Irvington,the popular Tides Inn Resort, and miles of breathtaking shoreline are also located nearby. Here, you can enjoy fishing, crabbing, or settling in with a nice book.

Safety In Williamsburg

Based on the violent and property crimes, Williamsburg has an overwhelmingly positive reputation. On various websites and forums, habitants give the city a great rating, citing safety, comfort, and overall friendliness. Local numbers of violent crimes are roughly 25% of the national rate. Property crimes, on the other hand, are less than half the national amount. The overall crime rate in Williamsburg is 19% lower than the Virginia average, and Williamsburg is 70% safer than other cities in the country.

Williamsburg Housing Market: Final Thoughts

It’s no secret that Williamsburg boasts plenty of attractive characteristics in terms of living conditions. It also has all the necessities required to make a sound investment decision. Interest piqued? Let’s get started today.

Get Started Buying Homes With Evernest

Whether you’re purchasing one investment 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 3 steps to get started today: