Median Sale Prices Increased in Much of the Fredericksburg Market in April 2016

May 26, 2016

Market Minute LogoMost areas of the Fredericksburg, Va., real estate market enjoyed an increase in median sale prices in April, 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 MMApril2016

Median sale prices rose in most of the Fredericksburg region in April compared to the same month in 2015 with prices rising by 15 percent in Culpeper County and by 7 percent in Stafford County. In both Fredericksburg City and Spotsylvania County, median sale prices rose by 3 percent. Caroline County experienced a decline of 11 percent.

According to April data, the number of homes sold varied in the Fredericksburg area when compared to the year before, with Spotsylvania County seeing a 22 percent jump. Stafford County followed with a 13 percent increase and there was no change from the previous year in Fredericksburg City. Caroline County saw the number of homes sold fall by 3 percent, and in Culpeper County it fell by 6 percent.

Inventory declined throughout the Fredericksburg region, dropping by 28 percent in Fredericksburg City and by 24 percent in Caroline County. In Stafford County, active inventory dropped by 21 percent, followed by Culpeper and Spotsylvania counties where it decreased by 16 percent.

Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 47 days on market (DOM). Spotsylvania County saw a DOM average of 65 days, followed by Fredericksburg City at 68 days. In Culpeper County, homes sold in 98 days on average, and in Caroline County they sold in 127 days on average.

“Low inventory is causing frustration for many homebuyers but we are continuing to see some positive trends otherwise, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Many are seeing home prices increase, which is excellent for those looking to sell, new home sales are high and home improvement stores are reporting strong earnings. With mortgage rates continuing to remain low, we anticipate the market will remain healthy as we move into 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.