Most of the Fredericksburg, Virginia, real estate market saw increases in median sale price in January, 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 nearly the entire Fredericksburg region in January compared to the same month last year with prices rising by 19 percent in Caroline County and by 3 percent in Stafford County. In both Culpeper and Spotsylvania counties, the median sale price rose by 1 percent. Fredericksburg City experienced no year-over-year change.

According to January data, the number of homes sold declined in the Fredericksburg area when compared to the year before, with Spotsylvania County seeing a 1 percent decrease. In Culpeper County, the number of homes sold decreased by 2 percent, and in Stafford County it fell by 4 percent. Fredericksburg City experienced a 5 percent decline from the previous year, while Caroline County saw a decrease of 11 percent.

Inventory declined in most of the Fredericksburg region, dropping by 22 percent in Culpeper County and by 20 percent in Caroline County. In Spotsylvania County, active inventory levels declined by 15 percent, followed by Stafford County with a decrease of 12 percent. Fredericksburg City experienced a 3 percent increase in active inventory.

Homes in the Fredericksburg region sold at a solid pace in January, with Fredericksburg City experiencing the shortest marketing period at 48 days on market (DOM). Stafford County saw a DOM average of 54 days, followed by Spotsylvania County at 57 days. In Culpeper County, homes sold in 73 days on average, while the DOM average in Caroline County was 76 days.

“Though we’re still in the real estate market’s slow winter season, the United States economy continued to see improvements in January, and we saw positive trends happening in housing too, including in the Fredericksburg region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Low inventory continues to cause frustration for many, but is helping to push up sale prices for those selling homes. We’re looking forward to a healthy spring market.”

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.