Williamsburg, VA, is a depot of history and tourism. The city lies at the heart of the Historical Triangle of Virginia. It includes Jamestown and Yorktown. Here's a quick look at its living and real estate condition:
Quick Facts:
- 14,988 population
- The cost of living is 8% (116) higher than the Virginia average of 107.
- 65.2% occupy the renters, while 34.8% are homeowners.
- The city's median home price ranges from $31K to $2.6M.
- Williamsburg, VA, is currently a seller's market.
Williamsburg, VA, in a Nutshell
The city is popular among retirees or those looking for a slower pace of life who seek peace and comfort. Some of the best areas in the city are:
- Jamestown Road
- Second Street
- Walnut Hills
Weather
There is a four-season climate in Williamsburg. That is to say, the summers are hot and humid, while the winters are mild. Occasionally it can be freezing outside. The autumn and spring are perfect for daytime activities. Over the year, the temperature varies from 32F to 91F and is rarely below 20F or above 98F.
How's the economy?
Around 90.10% of employments are in white-collar jobs. Here are some in-demand jobs in Williamsburg:
- Sales jobs
- Service providers
- Administrative support
- Teaching
Most people living in Williamsburg, Virginia, are expert in computers and math. As a result, telecommunication jobs became in-demand too.
Most people in Williamsburg own a private car. But, walking, biking, and public transportation are secondary choices when the weather is appropriate.
Public Schools
Education plays a vital role in deciding where to live.
Here are the best public schools in Williamsburg, VA:
- Stowers Elementary School (K-5)
- Lithia Springs Elementary School (PK-5)
- Berkeley Middle School (6-8)
- Warhill High School (9-12)
Not only that, Williamsburg is home to the College of William and Mary.
Real Estate Condition of Williamsburg, VA
(Data from June 2021)
One of the real estate issues in the city is vacant housing. 10.58% of the housing stocks are vacant. Those houses are left unchecked - which poses a risk in the real estate market.
While there are many vacant houses, Realtor.com said that Williamsburg's market is on the seller's side. As of now, there are 722 homes for sale and 84 homes for rent. This means more people are looking for available homes.
Williamsburg, VA Home Appreciation Rates
How did the housing appreciation rates in Williamsburg grow? For the past ten years, Williamsburg, Virginia, has some of the lowest real estate appreciation rates in America. Thus, the house values have increased by just 6.41%. However, the rate is still lower than 90% of the cities and towns in the USA.
Nevertheless, data has shown that Williamsburg's appreciation rate has been slightly above the national average.
Housing Market
The average median listing home price is $398K with $166 per square foot. In May 2021, the median list price was trending up 13.7% year-over-year. As a result, the median selling price went up to $422K. This is a large jump in just one year.
According to Realtor.com, the median list price in June 2020 was $350K, and the median sold price was only $325K. Meaning to say, the real estate condition of Williamsburg, Virginia, has significantly increased over the year.
On average, homes for sale in Williamsburg stay on the market for 51 days.
Housing Trends
The common properties in Williamsburg are single-family detached homes (42.24%). However, some of the single-family homes are converted into rental units.
Further, the common trend found in the city is the growth of apartment dwellers (30.08%). That is to say, realtors should capitalize on condominiums and other rental properties.
Final Thoughts
The real estate market in Williamsburg, Virginia, is expected to rise in the coming years. As a result, realtors, buyers, and sellers should start preparing for loans and home renovations.
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