The Fredericksburg, Va., real estate market enjoyed an increase in median sale prices of homes in August, 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.
Median sale prices increased in the Fredericksburg region in August compared to the same month in 2014. Prices rose by 16 percent in Fredericksburg City and by 8 percent in Culpeper County. Stafford County experienced a 4 percent increase in median sale price, while both Caroline and Spotsylvania counties experienced 2 percent increases.
According to August data, the number of homes sold varied in the Fredericksburg area compared to the year before, with Fredericksburg City seeing a 19 percent jump. Stafford County enjoyed a 7 percent increase, and Spotsylvania County saw an increase of 5 percent. Culpeper County saw no change in the number of homes sold compared to August 2014, and Caroline County experienced a 44 percent drop.
Inventory declined in most of the Fredericksburg region, dropping by 14 percent in Culpeper County and by 11 percent in Stafford County. Active inventory decreased by 10 percent in Spotsylvania County. Caroline County saw a decrease of 2 percent, while Fredericksburg City saw active inventory increase by 3 percent.
Homes in the Fredericksburg region continue to sell at a steady pace, with Caroline County experiencing the shortest marketing period at just 33 days on market (DOM). Spotsylvania County saw a DOM average of 47 days, followed by Stafford County at 55 days. In Fredericksburg City, homes sold in 61 days on average, and in Culpeper County they sold in 67 days on average.
“Despite concerns about the global economy and the stability of China’s economy and its worldwide impact, consumers in the United States remained confident in the month of August. Consumer spending continued to increase in the U.S., and this was reflected in the real estate industry, including in our local markets,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “The Fredericksburg region continued to see improvements in median sale prices as well as the number of homes sold in some areas, and we’re looking forward to a strong fall 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.
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, Inc.