The Fredericksburg, Virginia, real estate market saw an increase in median sale price in February, 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 the entire Fredericksburg region in February compared to the same month last year, with prices rising by 18 percent in Fredericksburg City and by 17 percent in Spotsylvania County. In Caroline County, the median sale price rose by 13 percent, followed by Stafford County with a 7 percent increase. Culpeper County experienced a 6 percent increase in median sale price.

According to February data, the number of homes sold rose in most of the Fredericksburg area when compared to the year before, with Fredericksburg City seeing a 64 percent increase. In Caroline County, the number of homes sold increased by 38 percent, and in both Spotsylvania and Stafford counties it increased by 16 percent. Culpeper County experienced a 32 percent decline from the previous year.

Inventory declined in the Fredericksburg region in February, dropping by 20 percent in Caroline County and by 16 percent in Spotsylvania County. In Culpeper County, active inventory levels declined by 14 percent, followed by Stafford County with a decrease of 11 percent. Fredericksburg City experienced a 1 percent decrease in active inventory.

Homes in the Fredericksburg region sold at a solid pace in February, with Culpeper County experiencing the shortest marketing period at 50 days on market (DOM). Stafford County saw a DOM average of 56 days, followed by Spotsylvania County at 60 days. In Caroline County, homes sold in 65 days on average, while the DOM average in Fredericksburg City was 104 days.

“The United States economy continued to make gains in many areas in February, and at Long & Foster we saw positive indicators of growth in the real estate market as well, including in the Fredericksburg area,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Sale prices of homes continued to rise for many in the Mid-Atlantic and Northeast regions and numerous locales also experienced increased numbers of homes sold. With continued high demand for homes, we expect to see a busy spring season.”

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.