Most of the Fredericksburg, Virginia, real estate market saw an increase in the number of homes sold in May, 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 May data, the number of homes sold rose in a many parts of the Fredericksburg area when compared to the year before, with Caroline County seeing a 93 percent increase. In Spotsylvania County, the number of homes sold increased by 21 percent, and in Culpeper County it increased by 10 percent. Stafford County experienced a 9 percent increase in the number of homes sold from the previous year, and in Fredericksburg City, home sales fell by 23 percent.
Median sale prices rose in much of the Fredericksburg region in May as well, with prices rising by 16 percent in Caroline County and by 5 percent in Spotsylvania County. In both Culpeper and Stafford counties, the median sale price rose by 4 percent, while Fredericksburg City saw no year-over-year change.
Inventory declined in the Fredericksburg region in May, dropping by 18 percent in Stafford County and by 12 percent in Spotsylvania County. In Culpeper County, active inventory levels declined by 11 percent, followed by Fredericksburg City with a decrease of 9 percent. Caroline County experienced a 5 percent decrease in active inventory.
Homes in the Fredericksburg region sold at a solid pace in May, with Stafford County experiencing the shortest marketing period at an average of 35 days on market (DOM). Spotsylvania County saw a DOM average of 39 days, followed by Culpeper County at 47 days. In Caroline County, homes sold in 59 days on average, while the DOM average in Fredericksburg City was 99 days.
“Last month, the unemployment rate in the U.S. hit its lowest level in 16 years and wages continued to increase. Even though sparse inventory continues to cause frustration in the real estate market, many areas still saw rising home sales and prices last month, including parts of the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “This spring has been a busy one for our agents as they’ve expertly worked to guide buyers in finding a home, and we look forward to a healthy summer 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.