Williamsburg Real Estate Market: May 2024 Stats and Trends

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.

Located on the coast of Virginia, the city of Williamsburg is one of three cities that make up the “Historic Triangle”, and was the capital of the Virginia colony for the majority of the 1700s. The cities historic roots can still be felt with the abundance of colonial style architecture, and museums that depict early American history. 

This small city has caught up to the 21st century, though, with an abundance of shops, dining, and entertainment options for residents to enjoy; as well as close proximity to the expansive Virginia Beach-Norfolk-Newport News metro area. 

But what about the Williamsburg real estate market in May 2024? 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 the Williamsburg real estate market (May 2024):

Williamsburg General Statistics

• Population (city proper): 16,350 (up .7% 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: 2.8% (state-wide; down .2% since January 2020)

• 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 (May 2024) Statistics

• Neighborhoods: 22

• Homes for sale as of May 2024: 362 

• Median list price: $479.9K (up .2% since January 2024)

• Median sold price: $484.9K (up 5.9% since January 2024)

• Sale-to-list price ratio: 100%

• Median price per square foot: $216 

• Median days on market: 30 (down 28% since December  2023)

• Rental vacancy rate: N/A

• Homeowner vacancy rate: N/A

• One-year appreciation rate: +6%

• Average rent: $1,693 (up .1% Since 2023)

• Price-to-rent ratio: N/A

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Williamsburg Real Estate Market (May 2024) Trends

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.