FREDERICKSBURG HOUSING MARKET SEES SOME INCREASED SALES, TIGHTER INVENTORY IN NOVEMBER
Chantilly, VA — The greater Fredericksburg, Va., real estate
market, including Fredericksburg City and Spotsylvania, Stafford, Culpeper and Caroline
counties, experienced some positive trends in November compared to the same month
of last year, according to The Long & Foster Market Minute® reports. Inventory tightened
throughout the greater Fredericksburg region with some areas experiencing increased
sales, and many homes in the area are selling in two to three months, on average.
The
Long & Foster Market Minute™ reports are compiled from data from residential
real estate transactions within specific geographic regions, not just Long &
Foster sales.
November data
Active inventory levels throughout the region decreased significantly in November
versus year-ago levels. According to the data, Stafford County saw a 34 percent
decrease compared to November 2010. Active inventory decreased 31 percent in Spotsylvania
County, 32 percent in Caroline County, 28 percent in Culpeper County, and 23 percent
in Fredericksburg City.
Homes continue to sell quickly in the greater Fredericksburg area, with homes selling
in two to three months, on average. Stafford County’s days on market (DOM) was 75
days, and Fredericksburg City averaged 59 days, according to November data. Houses
sold, on average, in 80 days in Spotsylvania County and 65 days in Caroline County.
Culpeper County’s DOM was 64 days. Long & Foster agents indicate that many homes
priced competitively in the region sell in just a few weeks, sometimes with multiple
offers, a reflection of continued demand and the relative lack of supply in some
local areas.
November data shows that sales increased in some areas of the Fredericksburg region
compared to last year. Spotsylvania County showed the largest year-over-year increase
in units sold at 19 percent, followed by Fredericksburg City, which increased by
13 percent.
Median sale prices increased in some areas throughout the region compared to November
2010. Caroline County experienced the largest increase, moving up by 34 percent
year-over-year, according to November data. Stafford County saw a 12 percent increase
from the same month last year.
Sellers are continuing to receive close to their asking price, according to November
data. The average home seller in the Fredericksburg region in November, received
between 95 percent and 98 percent of their asking price with an appropriately-priced
home.