Fredericksburg Area Market Update for March 2018

Fredericksburg-Stafford-Spotsylvania

The Fredericksburg area’s real estate market remains strong this February with year-over-year increases in total sold dollar volume, median price, and units sold as well as a decrease in average days on market. Inventory is still quite low but that’s good news for sellers, as properties spend fewer days on market and get higher sales prices! Homes priced appropriately are selling much faster than normal due to the scarcity of available properties.

Fredericksburg

The average sales price in the City of Fredericksburg was $307,797 in March, down 7.1% from this time last year. This makes it a great time to buy, but you may have trouble finding one–homes are spending an average of 86 days on market with only 16 homes sold in March. With so few homes coming on the market, you’ll need to act fast to get your offer accepted.

Stafford

The average sales price in Stafford County was $343,938 in March, up 11.3% from this time last year. Homes are spending an average of 74 days on market with 85 homes sold in March. It’s a great time to sell in Stafford County so reach out to any of our agents for a free home evaluation!

Spotsylvania

It’s an awesome time to sell in Spotsylvania County! Average home prices are up 11.2%, with an average sales price of $280,675! While homes are spending 105 days on the market on average, 34 homes were sold in March alone.

The commercial real estate market is also posting positive numbers. Vice President of our Commercial Division, Ben Keddie, comments, “The commercial market has been very active of late. The progress of deals through the sales cycle is still relatively slow but activity and productivity is very high with all signs pointing towards 2018 being a very busy and productive year.”