Apr 201718

Home Sales Rose in the Fredericksburg Market in March 2017

Apr 201718

Home Sales Rose in the Fredericksburg Market in March 2017

Market Minute Logo 2017The Fredericksburg, Virginia, real estate market saw an increase in the number of homes sold in March, 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 Chart March2017

According to March data, the number of homes sold rose in the Fredericksburg area when compared to the year before, with Culpeper County seeing a 38 percent increase. In Spotsylvania County, the number of homes sold increased by 29 percent, and in Stafford County it increased by 6 percent. Fredericksburg City experienced a 4 percent increase in the number of homes sold from the previous year, and in Caroline County home sales increased by 3 percent.

Median sale prices rose throughout the Fredericksburg region in March as well, with prices rising by 8 percent in Fredericksburg City and by 6 percent in Spotsylvania County. In both Caroline and Stafford counties, the median sale price rose by 2 percent, followed by Culpeper County with a 1 percent increase.

Inventory declined in the Fredericksburg region in March, dropping by 17 percent in Caroline County and by 16 percent in Culpeper County. In Spotsylvania County, active inventory levels declined by 14 percent, followed by Stafford County with a decrease of 10 percent. Fredericksburg City experienced a 3 percent decrease in active inventory.

Homes in the Fredericksburg region sold at a solid pace in March, with Caroline County experiencing the shortest marketing period at 40 days on market (DOM). Spotsylvania County saw a DOM average of 53 days, followed by Stafford County at 56 days. In Fredericksburg City, homes sold in 78 days on average, while the DOM average in Culpeper County was 85 days.

“March was a great month at Long & Foster and we saw numerous positive indicators of growth in the real estate market, including in the Fredericksburg region where home sales and sale prices both increased,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “With spring in full swing and mortgage rates remaining low, more people are looking to buy and sell homes. We anticipate the season will continue to bring robust activity to the housing market.”

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.