Much of the Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in October, 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.
According to October data, the number of homes sold increased in most of the Fredericksburg area when compared to the year before, with Caroline County seeing a 17 percent jump. Fredericksburg City enjoyed a 16 percent increase, and Stafford County saw an increase of 8 percent. Spotsylvania County saw a 3 percent increase in the number of homes sold compared to October 2014, and Culpeper County experienced a 16 percent drop.
Median sale prices varied in the Fredericksburg region in October compared to the same month in 2014. Prices rose by 10 percent in Caroline County and by 1 percent in Culpeper County. Spotsylvania County experienced no change in median sale price, while Stafford County and Fredericksburg City experienced decreases of 2 percent and 29 percent, respectively.
Inventory declined in the Fredericksburg region, dropping by 16 percent in Culpeper County and by 11 percent in Caroline County. Both Spotsylvania and Stafford counties experienced a 10 percent drop in inventory, followed by a 2 percent decrease in Fredericksburg City.
Homes in the Fredericksburg region continue to sell at a steady pace, with Stafford County experiencing the shortest marketing period at 52 days on market (DOM). Culpeper County saw a DOM average of 57 days, followed by Fredericksburg City at 63 days. In Spotsylvania County, homes sold in 65 days on average, and in Caroline County they sold in 76 days on average.
“Consumer confidence increased once again in October and the labor market’s performing well ”“ both of which are good news for the economy,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “At Long & Foster, business remained steady, including in the Fredericksburg region where we saw improvements in the number of homes sold. We predict to see continued stability in housing as 2015 comes to a close.”
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, Inc.