Median Sale Prices Increased in the Fredericksburg Market in May 2016

June 23, 2016

Market Minute LogoThe Fredericksburg, Va., real estate market enjoyed an increase in median sale prices in May, 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.

Fredericksburg MM May2016

Median sale prices rose in the Fredericksburg region in May compared to the same month in 2015 with prices rising by 39 percent in Fredericksburg City and by 6 percent in Culpeper County. In Caroline, Spotsylvania and Stafford counties, the median sale price increased by 3 percent.

According to May data, the number of homes sold increased in most of the Fredericksburg area when compared to the year before, with Fredericksburg City seeing a 21 percent jump. Stafford County followed with a 14 percent increase and in Spotsylvania County the number of homes sold rose by 10 percent. Culpeper County saw the number of homes sold increase by 6 percent, and Caroline County saw no change from the previous year.

Inventory declined throughout the Fredericksburg region, dropping by 30 percent in Caroline County and by 24 percent in Fredericksburg City. In Spotsylvania County, active inventory declined by 22 percent, followed Culpeper County with an 18 percent decrease and Stafford County with a 16 percent decrease.

Homes in the Fredericksburg region continue to sell at a steady pace, with Spotsylvania and Stafford counties experiencing the shortest marketing period at 49 days on market (DOM). Culpeper County saw a DOM average of 54 days, followed by Fredericksburg City at 58 days. In Caroline County, homes sold in 85 days on average.

“May was a good month for the real estate industry overall this year, as well as in the Fredericksburg region. Mortgage rates remain at historic lows and consumer confidence hit its highest since June 2015 last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “These developments, along with other positive economic news, indicate the strength of the real estate market, which we expect to continue to do well throughout the summer.”

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.