The majority of the Fredericksburg, Va., real estate market enjoyed a rise in median sale prices in March, according to The Long & Foster Market Minute reports. The Fredericksburg market, which includesFredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties, also continued to see homes selling 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.
Median sale prices increased in many areas of the Fredericksburg region in March compared to the same month in 2014. Prices rose by 45 percent in Fredericksburg City and by 4 percent in Spotsylvania County. Both Caroline and Stafford counties saw increases of 1 percent, and Culpeper County experienced no change compared to the previous year.
According to March data, the number of homes sold also increased in most of the Fredericksburg area compared to the year before, with Caroline County seeing a 56 percent jump. Fredericksburg City saw the number of homes sold increase by 15 percent, and Stafford County saw a 12 percent increase. In Spotsylvania County the number of homes sold increased by 7 percent, while Culpeper County experienced a 17 percent drop.
Inventory declined in parts of the Fredericksburg region, dropping by 8 percent in Caroline County and by 5 percent in Spotsylvania County. Active inventory decreased by 3 percent in Stafford County. Culpeper County saw an increase of 9 percent, while Fredericksburg City saw active inventory increase by 23 percent.
Homes in the Fredericksburg region continue to sell at a steady pace, with Fredericksburg City experiencing the shortest marketing period at 64 days on market (DOM). Spotsylvania County followed with a DOM of 65 days, and Caroline County had a DOM of 69 days. The DOM averages were 75 days in Stafford County and 80 days in Culpeper County.
“In March, we saw some positive trends in the Mid-Atlantic and Northeast real estate market, including in the Fredericksburg region, where we saw increases in median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “We saw consumer spending increase in March for the first time since November, and with rising consumer spending comes higher consumer confidence, and that bodes well for the housing 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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