The greater Fredericksburg, Va., real estate market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, experienced positive trends in January compared to the same month in 2013, according to The Long & Foster Market Minute® reports. Median sale prices increased throughout the region, and homes were selling relatively quickly—in about two to three months on average. 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 January data, median sale price increased throughout the Fredericksburg area. Culpeper County saw an increase of 57 percent, while Caroline County saw a 20 percent increase. Fredericksburg City experienced an 18 percent increase, and Spotsylvania and Stafford counties saw increases of 3 percent and 1 percent, respectively.
The number of homes sold in the Fredericksburg region decreased in all areas, but houses are continuing to sell at a steady pace. The average days on market (DOM) for Spotsylvania and Stafford counties were 53 days and 59 days, respectively. Culpeper County experienced a DOM of 79 days, while Fredericksburg City saw a DOM of 89 days and Caroline County saw a DOM of 99 days.
Active inventory levels increased in much of the Fredericksburg region in January versus the same month last year, though Caroline County experienced a 3 percent decrease. Culpeper County experienced a 2 percent increased, followed by a Spotsylvania County with a 7 percent increase. Fredericksburg City experienced a 21 percent increase, and Stafford County saw a 28 percent increase in active inventory.
“January’s cold weather and winter storms had an impact on the beginning of the 2014 real estate market, but we’re seeing encouraging trends along the East Coast, including in the Fredericksburg region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “While the number of homes sold dropped, there have been continued increases in median sale prices and low days on the market. With many people holding off on home searches in the cold weather, we anticipate a robust spring 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.
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