The number of homes sold increased in a few areas of the Fredericksburg region in June, according to the Long & Foster Real Estate Market Minute Report. Stafford County had the highest rise of 38%, followed by Fredericksburg City with 28%. Median sale prices rose throughout most of the region, with Caroline County exhibiting an 18% gain. Inventory continued to fall, with drops ranging from 63% in Stafford County to 30% in Fredericksburg City. 

The Long & Foster Real Estate’s Market Minute report for the Fredericksburg region includes Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties. 

“June was an interesting month because we saw significant declines in inventory across the board,” said Larry “Boomer” Foster, president of Long & Foster Real Estate. This has to do with the fact that many closings went under contract in April and May, so the available supply of homes quickly got taken off the market. 

There are many buyers who are looking to purchase homes, and with buying power being very high, now is a great time to buy or sell a home. Mortgage rates are continuing to drop, and the stock market is steadily rising, so the market is incredibly hot right now. “For anyone who is thinking of buying or selling a home, now is the time to do it,” Foster advised, “the market tends to slow down around election month, so it isn’t prudent to wait.” 

While many are still worried about the COVID-19 pandemic, real estate transactions are mainly handled virtually, so buying or selling a home is safer than going to the grocery store. While there may be some in-person interaction, all Long & Foster agents are fully trained on how to conduct business in a safe manner. From wearing a mask and gloves at all times to ensuring there are booties and hand sanitizer available at open houses, there is little to no risk to clients. 

To learn more about your local market conditions, visit Long & Foster’s Market Insights. You can also learn more about Long & Foster and find an agent at LongandFoster.com.