Portions of the Fredericksburg, Va., real estate market enjoyed a rise in median sale prices in February, 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 some areas of the Fredericksburg region in February compared to the same month in 2014. Prices rose by 14 percent in Spotsylvania County and by 4 percent in Caroline County. Culpeper County saw an increase of 3 percent, while Stafford County and Fredericksburg City experienced drops of 4 percent and 7 percent, respectively.

According to February data, the number of homes sold varied in the entire Fredericksburg area compared to the year before, with Culpeper County seeing a 24 percent jump. Stafford County saw an increase of 5 percent, while other areas experienced decreases of 8 percent to 36 percent.

Inventory declined in parts of the Fredericksburg region, dropping by 7 percent in Spotsylvania County and by 6 percent in Stafford County. Active inventory decreased by 2 percent in Caroline County and jumped by 11 percent in both Culpeper County and Fredericksburg City.

Homes in the Fredericksburg region continue to sell at a steady pace, with Caroline County experiencing the shortest marketing period at 38 days on market (DOM). Stafford County followed with a DOM of 74 days, and Spotsylvania County had a DOM of 76 days. The DOM averages were 98 days in Culpeper County and 102 days in Fredericksburg City.

“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Fredericksburg region, with areas seeing growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this spring.”

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 users can subscribe to free updates for the reports in which they’re interested.