Much of the Fredericksburg, Va., real estate market enjoyed a rise in median sale prices in December, according to The Long & Foster Market Minute reports. The Fredericksburg market, which includes Fredericksburg 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 most of the Fredericksburg region in December compared to the same month in 2013. Prices rose by 19 percent in Spotsylvania County and 17 percent in Culpeper County. Caroline County and Fredericksburg City also experienced increases of 12 percent and 3 percent, respectively. Stafford County saw the only decline at 2 percent.

According to December data, the number of homes sold decreased in much of the Fredericksburg area compared to the year before, though Fredericksburg City saw a 35 percent jump. Caroline County experienced a 6 percent drop, while all other areas saw a decrease of 4 percent.

Inventory declined in most parts of the Fredericksburg region. Inventory dropped by 8 percent in Caroline County, while falling by 7 percent in Spotsylvania County and by 6 percent in Stafford County. Meanwhile, inventory jumped by 10 percent in Fredericksburg City and by 21 percent in Culpeper County.

Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 62 days on market (DOM). Fredericksburg City followed with a DOM of 65 days, and Culpeper County had a DOM of 67 days. The DOM averages were 74 days in Spotsylvania County and 106 days in Caroline County.

“December brought modest improvements to the Mid-Atlantic and Northeast real estate market, including in the Fredericksburg area, with many areas enjoying rising median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These developments are positive for the real estate market and leave us positioned for growth in 2015.”

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.

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