the changes in our market
Real estate statistics specific to the Fredericksburg Area Real Estate market are hard to come by. Amy Cherry Taylor & Assoc. is here to change that! We understand that, more than ever, you want to stay on top of information regarding your largest asset. Each week we will bring you up-to-date statistics on the current market’s activity in Spotsylvania, Stafford, Fredericksburg City, Caroline, Orange, and King George. This last year has been ‘unprecedented’ in so many ways, and the real estate market is no exception.
2020 and 2021 have been incredible years real estate wise in the Greater Fredericksburg Region, which has been a surprise to many. Homes that were in great condition, in good locations and were priced right sold very fast in most instances. The Fredericksburg Association of Realtors shows that our area ended the year in 2020 with a 44.8% increase in new listings year over year, but a decrease month over month. New pending contracts were up by 25.2% year over year and closed sales were up 43.9%! As you can see in the graph below and reported in these statistics, the number of homes going under contract has exceeded the number of homes coming on the market (in most months this year), which has resulted in very low inventory. This has been a recurring theme in our area over the last two years specifically. One more thing to note in regards to the homes "taken off the market" statistic below, that number always rises at the end of each month due to listing agreements often expiring on the last day of a month. That number is not a number to be alarmed of.
For the last several months, we have seen multiple offers start to wane. Houses that are priced competitively, in great locations, with wonderful upgrades and amenities are still experiencing multiple offers in certain situations. Low inventory means low competition, which makes right now a great time to list your home! This scenario gives you a better chance to receive multiple offers or one very strong offer that still gives you the benefit of this market with limited inspections and potential appraisal gap coverage. Buyers on the other hand are seeing less competition from other buyers and have more of an opportunity to potentially negotiate just a tad more than they have been this year. Interest rates continue to stay at historic lows, meaning it is definitely an opportune time to buy. We do expect rates will begin to rise in 2022 so if you are not planning on staying your home for the next 2-3 years, you may want to make the move while you can still capitalize on our existing real estate market!
While the market is so strong, there are very important things you can do to make the most out of these opportunities whether you are buying or selling. Feel free to contact us so we can discuss a customized strategy to meet your specific real estate goals!
Check back each week for updated statistics straight from the MLS.
No opinions. No fluff. Just the numbers.
If you would like to know more about what these numbers mean for you, please don’t hesitate to contact us using the form at the bottom of this page!
WEEK OF 1/10/22 - 1/16/22
taken off market
2022 weekly market activity
2021 weekly market activity
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