Median Sale Price Increases in Much of the Fredericksburg Market in February 2014

March 31, 2014

Market Minute LogoThe greater Fredericksburg, Va., real estate market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, experienced positive trends in February compared to the same month in 2013, according to The Long & Foster Market Minute reports. Median sale prices increased in some areas of the region, and homes are continuing to sell quickly.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Feb. 2014 Market Minute Chart

According to February data, the median sale price increased in much of the Fredericksburg area compared to the year before. Culpeper County saw an increase of 18 percent, while Stafford County saw a 7 percent increase. Spotsylvania County experienced a 2 percent increase in median sale price, and Caroline County and Fredericksburg City saw decreases of 1 percent and 21 percent, respectively.

The number of homes sold in the Fredericksburg region decreased in most areas, though the city of Fredericksburg experienced no change compared to the year prior. Homes are continuing to sell quickly in the area, though. The average days on market (DOM) for Spotsylvania and Caroline counties were 60 days and 61 days, respectively. Other areas saw DOMs of 62 days to 74 days.

Active inventory levels increased throughout the Fredericksburg region in February versus the same month last year. Caroline and Spotsylvania counties experienced the smallest increases at 2 percent and 3 percent, respectively. Culpeper County followed with a 7 percent increase in active inventory, and the city of Fredericksburg saw an 8 percent increase. Stafford County had the largest increase in active inventory of 23 percent.

“February continued in much of the same pattern as January as a result of the continued winter weather, but we’re seeing more positive trends happening in the real estate market, including in the Fredericksburg region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many areas have been enjoying increases in the median sale price and speedy home sales, and going into spring, we anticipate a stronger and more vibrant market.”

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 users can subscribe to free updates for the reports in which they’re interested.