Median Sale Price Increased in Much of the Fredericksburg Market in June 2014

July 17, 2014

Market Minute LogoThe greater Fredericksburg, Va., real estate market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, experienced positive trends in June compared to the same month in 2013, according to The Long & Foster Market Minute reports. Median sale price increased in nearly all areas of the region, and homes in the area are continuing to sell at a steady pace.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Fredericksburg Market Minute June 2014

According to June data, the median sale price increased in much of the Fredericksburg area compared to the year before. Caroline County experienced the largest increase in median sale price at 41 percent. Fredericksburg City saw a 23 percent increase, while Culpeper County saw a 19 percent jump. Stafford County experienced a 1 percent improvement, and Spotsylvania County saw the only decrease of 8 percent.

The number of homes sold in the Fredericksburg region varied in June compared to the same month the year before. Fredericksburg City saw an 11 percent increase, while Stafford and Spotsylvania counties saw increases of 2 percent and 1 percent, respectively. Culpeper County experienced a 12 percent decrease, and Caroline County saw a 28 percent drop.

Homes in the Fredericksburg region are selling at a steady pace, with Stafford County experiencing the shortest marketing period at 45 days on market (DOM). Fredericksburg City followed with a DOM of 46 days. Both Caroline and Spotsylvania counties experienced DOM averages of 55 days, and Culpeper County saw a DOM of 77 days. Active inventory levels increased throughout the region with increases ranging from 16 percent to 25 percent.

“We’re now halfway through 2014, and this year has brought many positive developments like increasing sale prices and quick home sales,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Overall, the market is stabilizing and that will help keep the industry healthy and ready for future growth.”

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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