The Fredericksburg, Va., real estate market enjoyed an increase in the number of homes sold in June, according to The Long & Foster Market Minute reports. The Fredericksburg market includesFredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline counties. 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 June data, the number of homes sold increased in most of the Fredericksburg area compared to the year before, with Fredericksburg City seeing an 86 percent jump. Caroline County enjoyed a 39 percent increase, while Culpeper and Stafford counties saw increases of 38 percent and 23 percent, respectively. Spotsylvania County experienced a 16 percent increase in the number of homes sold compared to the previous year.

Median sale prices also increased in the Fredericksburg region in June compared to the same month in 2014. Prices rose by 8 percent in both Culpeper and Stafford counties, and by 3 percent in Spotsylvania County. Fredericksburg City saw its median sale price increase by 2 percent, while Caroline County experienced a 1 percent increase.

Inventory declined in most of the Fredericksburg region, dropping by 19 percent in Caroline County and by 11 percent in Stafford County. Active inventory decreased by 10 percent in Spotsylvania County. Culpeper County saw a decrease of 9 percent, while Fredericksburg City saw active inventory increase by 15 percent.

Homes in the Fredericksburg region continue to sell at a steady pace, with Fredericksburg City experiencing the shortest marketing period at 43 days on market (DOM). Both Spotsylvania and Stafford counties followed with a DOM of 48 days, and Culpeper County had a DOM of 71 days. The DOM average was 85 days in Caroline County.

“The United States’ economy has been doing well this year, and as of June, consumer confidence has remained up 16 percent over last year. This positivity has shown in the real estate market, including in the Fredericksburg region, where we saw more homes sold this June,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “Many industry experts are predicting rising interest rates in the fall, and I’m optimistic that the second half of 2015 will bring more improvements.”

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.