May 201718

Median Sale Prices Rose in the Fredericksburg Market in April 2017

May 201718

Median Sale Prices Rose in the Fredericksburg Market in April 2017

Market Minute Logo 2017The Fredericksburg, Virginia, real estate market saw an increase in median sale prices of homes in April, 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.

Fredericksburg MM April2017

Median sale prices rose throughout the Fredericksburg region in April, with prices rising by 19 percent in Fredericksburg City and by 14 percent in Caroline County. In Spotsylvania County, the median sale price rose by 12 percent, followed by Stafford County with an 11 percent increase. In Culpeper County, the median sale price increased by 2 percent.

According to April data, the number of homes sold rose in a few parts of the Fredericksburg area when compared to the year before, with Caroline County seeing a 19 percent increase. In Culpeper County, the number of homes sold increased by 10 percent, and in Fredericksburg City it increased by 4 percent. Spotsylvania County experienced a 2 percent decrease in the number of homes sold from the previous year, and in Stafford County home sales fell by 10 percent.

Inventory declined in the Fredericksburg region in April, dropping by 17 percent in Caroline County and by 16 percent in Spotsylvania County. In Culpeper County, active inventory levels declined by 14 percent, followed by Stafford County with a decrease of 13 percent. Fredericksburg City experienced a 3 percent decrease in active inventory.

Homes in the Fredericksburg region sold at a solid pace in April, with Stafford County experiencing the shortest marketing period at an average of 39 days on market (DOM). Spotsylvania County saw a DOM average of 48 days, followed by Culpeper County at 60 days. In Caroline County, homes sold in 81 days on average, while the DOM average in Fredericksburg City was 95 days.

“April was a solid month at Long & Foster and, despite the lacking inventory that most areas are experiencing, we saw numerous positive indicators of growth in the real estate market, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Market conditions are creating a lot of competition for homes, but we know our family of experienced, professional agents can help homebuyers succeed in finding not only a place to live, but a home they’ll love.”

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.