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 between the James and York rivers, the city of Williamsburg is a charming suburb just north of Newport News in eastern Virginia. The city was once the Virginia Colony’s capital, and those historic roots can still be felt today, primarily through its many stately historic homes and well preserved downtown district.

Affectionately called “The Burg,” the city of Williamsburg has been deemed the premiere center for preservation and interpretation of American colonial history. Not a history buff? Don’t worry, this metro has plenty more to offer. An abundance of shops, dining, and local breweries are at the disposal of all locals. And if looking for a buzzier scene, the city of Newport News is just a short commute away.

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

Williamsburg General Statistics

• Population (city proper): 15,972 

• 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 (state wide): 2.7% (down .1% since April 2024)

• 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 (September 2024) Statistics

• Neighborhoods: 22

• Homes for sale as of September 2024: 405 

• Median list price: $499k (up .1% since February 2024)

• Median sold price: $499K (up .4% since February 2024)

• Sale-to-list price ratio: 100%

• Median price per square foot: $220 

• Median days on market: 34 (down 4% since February 2024)

• Rental vacancy rate: 5.6%

• Homeowner vacancy rate: 1.7%

• One-year appreciation rate: +5.5%

• Average rent: $1,693 

• Price-to-rent ratio: N/A

• Most expensive neighborhoods:  

• Least expensive neighborhoods:
  
  

Final Thoughts: Williamsburg Real Estate Market (September 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.

This content was originally published on Evernest.co.