The Fredericksburg, Virginia, real estate market saw an increase in median sale prices in June, 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 rose in the Fredericksburg region in June, with prices rising by 18 percent in Caroline County and by 6 percent in Spotsylvania County. In Culpeper County, the median sale price rose by 5 percent, while Fredericksburg City saw a 4 percent increase. Stafford County experienced a 3 percent increase in median sale price.

According to June data, the number of homes sold varied in the Fredericksburg area when compared to the year before. Stafford County saw a 23 percent increase in the number of homes sold, and Fredericksburg City experienced a 12 percent increase. In Spotsylvania County, there was no change from the previous year. In Culpeper and Caroline counties, the number of homes sold fell by 9 percent and 25 percent, respectively.

Inventory declined in the Fredericksburg region in June, dropping by 25 percent in Fredericksburg City and by 14 percent in Stafford County. In Culpeper County, active inventory levels declined by 13 percent, followed by Spotsylvania County with a decrease of 8 percent. Caroline County experienced a 7 percent decrease in active inventory.

Homes in the Fredericksburg region sold at a solid pace in June, with Spotsylvania County experiencing the shortest marketing period at an average of 30 days on market (DOM). Culpeper and Stafford counties saw a DOM average of 38 days, followed by Caroline County at 55 days. In Fredericksburg City, the DOM average was 80 days.

“Job growth surged in the U.S. in June, and we continued to see positive signs of growth in the real estate industry as well. Despite low inventory, many areas of the Mid-Atlantic and Northeast saw rising median sale prices, an increase in home sales or both, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “After a hectic spring season, we look forward to what the end of summer and start of fall will bring.”

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.