Median home sale prices appreciated across the Fredericksburg region in July, according to the Long & Foster Real Estate Market Minute Report. Spotsylvania County had the largest rise of 19%, followed by Fredericksburg City of 14%. Number of homes sold also increased throughout the area, aside from Culpeper County which had a 5% fall. Inventory took a fall and days on market remained low, with Culpeper County having the highest average of 47 days.
“Units sold are up in the Fredericksburg region, even though inventory remains low,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. This is a sign of the high demand for housing, especially as most homes are sold within a relatively short time period.
The housing market is strong despite the current economic climate and purchasing power has never been better. There is no significant risk of a foreclosure crisis as the people who own homes have large amounts of equity in it, unlike in the past economic recession.
At the beginning of the year, there was a trend of people moving away from the city in favor of the suburbs or exburbs. This trend is still going strong, as the pandemic continues to entice people to be in areas with more space and privacy. This is especially apparent in the rise of vacation rentals in the later summer months. As people grow tired of their current living situation, they are venturing out to vacation rentals nearby for a change of scenery. While the housing market is strong in suburban areas, cities offer many conveniences that will draw people back in once the pandemic is over.