The Fredericksburg, Virginia, real estate market enjoyed an increase in the number of homes sold in November, 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 November data, the number of homes sold rose in the Fredericksburg area when compared to the year before, with Culpeper County seeing a 42 percent jump. Stafford County followed with a 39 percent increase and in both Caroline and Spotsylvania counties the number of homes sold rose by 31 percent. Fredericksburg City saw the number of homes sold increase by 5 percent over the previous year.

Median sale prices rose in most parts of the Fredericksburg region in November compared to the same month last year with prices rising by 29 percent in Caroline County and by 14 percent in Culpeper County. In Spotsylvania County, the median sale price increased by 7 percent. Stafford County experienced 4 percent increase in median sale price, and Fredericksburg City experienced a 1 percent decline.

Inventory declined throughout the Fredericksburg region, dropping by 31 percent in Caroline County and by 18 percent in Spotsylvania County. In both Culpeper and Stafford counties, active inventory declined by 16 percent, followed by Fredericksburg City with a 4 percent decrease.

Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 45 days on market (DOM). Fredericksburg City saw a DOM average of 51 days, followed by Spotsylvania County at 54 days. In Caroline County, homes sold in 59 days on average, while the DOM average in Culpeper County was 76 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain low.”

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.