Many parts of the Fredericksburg, Virginia, real estate market saw an increase in the number of homes sold in July, according to The Long & Foster Market Minute reports. The Fredericksburg market includes Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties. The Long & Foster Market Minute reports are based on data provided by Metropolitan Regional Information System and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to July data, the number of homes sold rose in most of the Fredericksburg area when compared to the year before. Caroline County saw a 65 percent increase in the number of homes sold, and Culpeper County experienced an 18 percent increase. In Fredericksburg City, the number of homes sold rose by 10 percent, while Stafford County experienced a 4 percent increase. In Spotsylvania County, the number of homes sold fell by 4 percent.
Median sale prices varied in the Fredericksburg region in July, with prices rising by 11 percent in both Culpeper and Stafford counties. Spotsylvania County saw an 8 percent increase in median sale price. In Caroline County and Fredericksburg City, the median sale price declined by 3 percent and by 4 percent, respectively.
Inventory declined in the Fredericksburg region in July, dropping by 16 percent in Fredericksburg City and by 13 percent in Culpeper County. In Caroline County, active inventory levels declined by 11 percent, followed by both Spotsylvania and Stafford counties, which each saw a decrease of 9 percent.
Homes in the Fredericksburg region sold at a solid pace in July, with Spotsylvania County experiencing the shortest marketing period at an average of 33 days on market (DOM). Stafford County saw a DOM average of 38 days, followed by Caroline County at 43 days. In Culpeper County, the DOM average was 56 days, and Fredericksburg City saw a DOM average of 61 days.
“While many feel optimistic about the U.S. economy as a whole, the issue of low inventory continues to curb the efforts of many who are in the market to buy a home, including homebuyers in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “The good news is that new home construction has been gradually but steadily increasing, which should help provide some relief, and mortgage rates remain low as we head toward the end of summer.”
The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.
The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested. Information included in this report is based on data supplied by MRIS, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of MRIS or Long & Foster Real Estate.