The Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in January, 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 January data, the number of homes sold increased in the Fredericksburg area when compared to the year before, with Stafford County seeing a 17 percent jump. Fredericksburg City experienced an 11 percent increase in the number of homes sold, and Caroline, Culpeper and Spotsylvania counties all saw increases of 8 percent.
Median sale prices declined in much of the Fredericksburg region in January compared to the same month in 2015. Prices rose by 9 percent in Spotsylvania County. In Culpeper County the median sale price decreased by 1 percent, followed by a 6 percent decrease in Caroline County. Stafford County and Fredericksburg City experienced declines of 8 percent and 15 percent, respectively.
Inventory declined throughout the Fredericksburg region, dropping by 26 percent in Caroline County and by 22 percent in Stafford County. In Spotsylvania County, active inventory dropped by 16 percent, followed by Fredericksburg City where inventory decreased by 15 percent. Culpeper County saw a 12 percent decrease in active inventory.
Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 59 days on market (DOM). Spotsylvania County saw a DOM average of 61 days, followed by Culpeper County at 63 days. In Caroline County, homes sold in 95 days on average, and in Fredericksburg City they sold in 124 days on average.
“So far this year, the overall economic fundamentals continue to support a strong housing market in the United States, though there have been short-term hurdles, including last month’s blizzard,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Affordability will likely remain high and mortgage rates are likely to stay steady or perhaps increase slightly this year, and we expect to see some good things happening in the Fredericksburg region real estate market for 2016.”
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, Inc.