Fredericksburg, VA Market Report – 1/14/10

14 Jan
January 14, 2010

There are currently 107 homes for sale in the City of Fredericksburg. There are more than a handful available in the historic district, which provides a really good opportunity to move downtown. There are also new construction opportunites and many other resales that are in wonderful locations for great prices.

The following is a summary of the market conditions in Fredericksburg, Virginia:

Fredericksburg Nov-08 Nov-09 % Change
New listings 25 32 28.0%
Active listings 157 133 -15.3%
Closed sales 11 26 136.4%
Median sales price $154,950 $246,395 59.0%
Average DOM 168 113 -32.7%
Percentage of original
price received
86.7% 88.8% 2.4%

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Median sales prices have actually increased in the City of Fredericksburg by 59% from November of ’08 to November of ’09.  However, prices have gone down $47,800 from the second quarter of ’09 to the third quarter of ’09, which is quite a decrease.  The amount of listings has also gone down 15.3% from this same time last year.  While prices have gone down, a decrease in inventory will help to slow the decrease in prices.  The average days on market (DOM) have also decreased by 32.9%, meaning houses are moving faster now.

The City of Fredericksburg still has the lowest percentage of sales price to list price in the entire Fredericksburg area.  Spotsylvania, Stafford and Caroline Counties’ percentages have improved dramatically this year, while Fredericksburg’s only increased 2.4%.

With the history, location and uniqueness of Fredericksburg, it has always been and always will be a wonderful place to live.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Fredericksburg, and the rest of the DC Metro: www.averyhess.com

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