The greater Fredericksburg, Va., real estate market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, experienced positive trends in September compared to the same month in 2013, according to The Long & Foster Market Minute reports. Homes in the area are continuing to sell at a steady pace and median sale prices increased in some parts of the region.
The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.
According to September data, the median sale price varied throughout the Fredericksburg area compared to the year before. Caroline County experienced an increase of 10 percent, while Spotsylvania County saw a 6 percent increase and Stafford County saw a 3 percent increase. Fredericksburg City experienced no change compared to the prior year, and Culpeper County had a 9 percent drop in median sale price.
Homes in the Fredericksburg region are selling at a steady pace, with Stafford County experiencing the shortest marketing period at 52 days on market (DOM). Fredericksburg City followed with a DOM of 56 days. Culpeper County experienced a DOM average of 57 days. Spotsylvania and Caroline counties saw DOM averages of 58 days and 86 days, respectively. Active inventory levels rose throughout the region from 2 percent to 24 percent.
The number of homes sold in the Fredericksburg region varied in September compared to the same month in 2013, with Fredericksburg City seeing a dramatic increase of 62 percent. Caroline County had a gain of 24 percent, while Stafford County experienced a 20 percent increase. Spotsylvania County saw a 4 percent drop, while Culpeper County experienced a decline of 26 percent.
“September brought good news to many areas of the Mid-Atlantic real estate market, including in the Fredericksburg region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Median sale prices have risen in many areas and growing inventory means homebuyers have more options to choose from. We anticipate more improvements in the months ahead.”
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.
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