Many areas of the Fredericksburg, Va., real estate market enjoyed an increase in median sale prices 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.
Median sale prices rose in much of the Fredericksburg region in July compared to the same month in 2015 with prices rising by 13 percent in Caroline County and by 12 percent in Fredericksburg City. In Spotsylvania County, the median sale price increased by 7 percent, followed by Culpeper County at 6 percent. Stafford County experienced a decrease of 1 percent.
According to July data, the number of homes sold varied in the Fredericksburg area when compared to the year before, with Stafford County seeing an 18 percent jump. Spotsylvania County followed with a 7 percent increase and in Fredericksburg City the number of homes sold rose by 3 percent. Culpeper County saw the number of homes sold decrease by 14 percent, and Caroline County saw a decline of 16 percent compared to last year.
Inventory declined throughout the Fredericksburg region, dropping by 30 percent in Caroline County and by 28 percent in Fredericksburg City. In Stafford County, active inventory declined by 24 percent, followed Spotsylvania County with an 18 percent decrease and Culpeper County with a 15 percent decrease.
Homes in the Fredericksburg region continue to sell at a steady pace, with Fredericksburg City experiencing the shortest marketing period at just 29 days on market (DOM). Stafford County saw a DOM average of 36 days, followed by Spotsylvania County at 42 days. In Culpeper County, homes sold in 65 days on average, while the DOM average in Caroline County was 69 days.
“July brought both good and not-so-good news to the U.S. economy, with the job market remaining strong and retail sales staying flat for the month. Similarly in real estate, home sales slowed in many areas, while median sale prices increased, including in much of the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “As the summer comes to a close, we anticipate that the housing market will remain healthy heading into the autumn season.”
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.