Parts of the Fredericksburg, Va., real estate market enjoyed an increase in median sale prices in March, 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 varied in the Fredericksburg region in March compared to the same month in 2015 with prices rising by 9 percent in Culpeper County and by 6 percent in Spotsylvania County. In Stafford County, median sale prices rose by 5 percent. Caroline County and Fredericksburg City experienced declines of 3 percent and 21 percent, respectively.

According to March data, the number of homes sold varied in the Fredericksburg area when compared to the year before, with Fredericksburg City seeing a 13 percent jump. Culpeper County followed with an 8 percent increase. Spotsylvania County saw the number of homes sold fall by 3 percent, and in Stafford County it fell by 9 percent. In Caroline County, the number of homes sold declined by 28 percent.

Inventory declined throughout the Fredericksburg region, dropping by 24 percent in Caroline County and by 22 percent in Fredericksburg City. In Stafford County, active inventory dropped by 21 percent, followed by Culpeper where inventory decreased by 19 percent. Active inventory fell by 13 percent in Spotsylvania County.

Homes in the Fredericksburg region continue to sell at a steady pace, with Fredericksburg City experiencing the shortest marketing period at 56 days on market (DOM). Stafford County saw a DOM average of 62 days, followed by Spotsylvania County at 72 days. In Culpeper County, homes sold in 90 days on average, and in Caroline County they sold in 91 days on average.

“The real estate market has been off to a good start this year and although low inventory has impacted many areas, homes are continuing to sell at a steady pace, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Across Long & Foster’s markets we’ve seen modest overall growth in sales in the first quarter of 2016 and we expect to see even more positive trends in the months ahead.”

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.