Oct 201618

Home Sales Increased in the Fredericksburg Market in September 2016

Oct 201618

Home Sales Increased in the Fredericksburg Market in September 2016

Market Minute LogoThe Fredericksburg, Virginia, real estate market enjoyed an increase in the number of homes sold in September, 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 MarketMinute September 2016

According to September data, the number of homes sold rose throughout the Fredericksburg area when compared to the year before, with Caroline County seeing an 8 percent jump. Fredericksburg City followed with a 7 percent increase and in Spotsylvania County the number of homes sold rose by 6 percent. Both Culpeper and Stafford counties saw the number of homes sold increase by 1 percent over the previous year.

Median sale prices varied in the Fredericksburg region in September compared to the same month last year with prices rising by 11 percent in Caroline County and by 9 percent in Spotsylvania County. In Culpeper County, the median sale price increased by 8 percent. Stafford County experienced 4 percent increase in median sale price, and Fredericksburg City experienced a 5 percent decline.

Inventory declined throughout the Fredericksburg region, dropping by 25 percent in Caroline County and by 21 percent in Culpeper County. In Stafford County, active inventory declined by 20 percent, followed Spotsylvania County with an 18 percent decrease and Fredericksburg City with a 16 percent decrease.

Homes in the Fredericksburg region continue to sell at a steady pace, with Spotsylvania County experiencing the shortest marketing period at 39 days on market (DOM). Fredericksburg City saw a DOM average of 44 days, followed by Stafford County at 46 days. In Culpeper County, homes sold in 55 days on average, while the DOM average in Caroline County was 60 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Fredericksburg region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically 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.