Number of homes sold also grows in several parts of the region

Much of the Fredericksburg, Va., real estate market enjoyed a rise in median sale prices and the number of homes sold, 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.

According to November data, the number of homes sold increased in much of the Fredericksburg area compared to the year before. Fredericksburg City experienced a jump of 31 percent, while Culpeper County enjoyed a 12 percent increase. A smaller increase of 6 percent was reported in Caroline County, while the number of homes sold in Spotsylvania and Stafford counties declined by 1 percent and 7 percent, respectively.

Median sale prices also increased in much of the Fredericksburg region in November compared to the same month in 2013. Prices rose 11 percent in Culpeper County and 9 percent in Caroline County. Stafford and Spotsylvania counties also experienced increases of 6 percent and 4 percent, respectively. Fredericksburg City saw the only decline at 28 percent.

Inventory declined slightly in most parts of the Fredericksburg region. Inventory dropped by 4 percent in Caroline County, while both Spotsylvania and Stafford counties had drops of 2 percent. Meanwhile, inventory jumped by 9 percent in Fredericksburg City and by 28 percent in Culpeper County.

Homes in the Fredericksburg region continue to sell at a steady pace, though, with Stafford County experiencing the shortest marketing period at 61 days on market (DOM). Fredericksburg City followed with a DOM of 65 days, and Spotsylvania County had a DOM of 66 days. The DOM averages were 76 days in Culpeper County and 78 days in Caroline County.

“Throughout the Mid-Atlantic and Northeast regions, including in the Fredericksburg area, we’ve seen many positive trends in real estate, from increased activity to rising median sales prices,” said Jeffrey S. Detwiler, president and COO for The Long & Foster Companies. “I anticipate that the market’s steady end-of-year growth will continue through December, and I’m optimistic for the coming year, which will benefit from increased housing affordability and rising consumer confidence.”

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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