Homes Sell at a Steady Pace in the Fredericksburg Market in December 2016

January 17, 2017

Market Minute LogoThe Fredericksburg, Virginia, real estate market saw properties selling swiftly in December, 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 Chart Dec2016

According to December data, the number of homes sold varied in the Fredericksburg area when compared to the year before, with Caroline County seeing a 19 percent jump. In Stafford County, the number of homes sold increased by 3 percent, and in Spotsylvania County it fell by 16 percent. Culpeper County experienced a 30 percent decline from the previous year, while Fredericksburg City saw a decrease of 43 percent.

Median sale prices also varied in the Fredericksburg region in December compared to the same month last year with prices rising by 4 percent in Spotsylvania County and by 2 percent in Culpeper County. In Stafford County, the median sale price did not change from the previous year. Caroline County and Fredericksburg City experienced declines of 6 percent and 16 percent, respectively.

Homes in the Fredericksburg region sold at a solid pace in December, with Fredericksburg City experiencing the shortest marketing period at 43 days on market (DOM). Caroline County saw a DOM average of 44 days, followed by Culpeper County at 46 days. In Stafford County, homes sold in 48 days on average, while the DOM average in Spotsylvania County was 65 days.

Inventory declined throughout the Fredericksburg region, dropping by 32 percent in Caroline County and by 19 percent in Spotsylvania County. In Stafford County, active inventory levels declined by 18 percent, followed by Culpeper County with a decrease of 14 percent. Fredericksburg City experienced a 4 percent decline in active inventory.

“The positive trends we’ve been seeing in the U.S. economy continued in December, and though the real estate market is in its typical winter slowdown we still saw some good things happening, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “We anticipate a strong 2017 real estate market where buyers will be able to take advantage of a number of factors like better FHA loan terms and mortgage rates ranging from 4-5 percent.”

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.