to include the areas of: Spotsylvania, Stafford, Fredericksburg City, Caroline, Orange, Culpeper and King George
the changes in our market
Real estate statistics specific to the Fredericksburg Area Real Estate market are hard to come by. Amy Cherry Taylor & Associates 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, Culpeper and King George. This last year has been ‘unprecedented’ in so many ways, and the real estate market is no exception.
2023 has been off to a very good start here locally. Our spring market started in early February and then was interrupted by interest rates going up. February into the middle of March ended up being a little slower than usual which caught a lot of people by surprise. Once mortgage rates came back down towards the end of March, the spring market started and is very strong right now. Now that the spring market is so busy, we may see a little busier start to the summer market than we usually do. That will remain to be seen.
The biggest real estate story of the last two years specifically has been the extremely low housing inventory. While the yearly graph below looks like listings were sometimes at a good level, remember this graph is regional and covers all types of properties and price points. In the most sought after areas, inventory has been extremely low and has stayed that way throughout this year. One 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.
So, what is happening in the market now? Rates have been moving around, but as of right now they are the lowest they have been in the last 7-8 months! Mortgage rates did not go up when the Fed raised the base line interest rates the last five times (including the one that just happened this week). Mortgage rates do not always follow so it is important to understand the difference. In our region, most counties' average days on market are in the 20's and the outer lying areas are a bit higher. The median sales price in the Fredericksburg Region has still been rising month over month. The Wall Street Journal and the Washington Post have reported that home prices fell for the first time in over 12 years. In our area they still went up! Due to our location between Washington, D.C. and Richmond, we don't often follow "nationwide" trends. Days on market were up a little bit but they should fall again this month with rates having settled back down and the spring market really starting. Houses that are priced right, in good condition and good locations are selling great (remember supply/demand is still very much in effect). The window of opportunity to negotiate has started to shrink for buyers. We are seeing many properties go into multiple offer situations so buyers need to be ready to be competitive.
New construction is a great option for buyers right now due to the limited inventory! Builders are offering incentives and special financing options that we haven't seen in years. My team has compiled a list of what is being offered here locally so buyers can compare what builder and location might be best for them. We are also working with several preferred lenders who have amazing programs and offerings for qualified buyers in the resale market, so we will always provide all of the information we have so you can buy the best home for you and stay within your budget!
Last week we had more homes go under contract than any other week so far this year. Buyers are out there and inventory is low. The rise in interest rates in February into March slowed the market down slightly until the rates started to drop gain. Now that they are more reasonable, buyers are back out and competition in most areas and price points is strong! It is not quite as easy right now to go straight from one home to another as home sale contingencies are starting to be beat out again by non-contingent offers. We help many clients coordinate the selling and buying process each year and have many strategies that do work, even though it is a bit more complicated in the spring market! It most certainly is an art form we have mastered through hard work and lots of experience.
One stat below I would like to address is the amount of homes taken off the market. You will see below that it was 402 at the end of December. We always have a high amount of listings that expire at the end of the month so you will always see a lot of homes taken off the market the last week of each month. Couple that with the last week of the last month of the year and some sellers still being overpriced, that is when you see that kind of number. The market is adjusting and we are back to a normal amount of homes coming off the market each week.
The market has become more complex and it is now more important than ever to work with a Realtor who can provide you with real information, considerable experience and local statistics so you can make the best decision possible for you. 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 5/15/23 - 5/21/23
taken off market
2023 weekly market activity
2022 weekly market activity
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