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, Culpeper and King George. This last year has been ‘unprecedented’ in so many ways, and the real estate market is no exception.
2020 and 2021 were incredible years real estate wise in the Greater Fredericksburg Region, despite the pandemic. Homes that were in great condition, in good locations and were priced right sold very fast in most instances and often had multiple offers. The biggest real estate story of the last two years specifically has been the extremely low 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 is looking to be that way again this year. 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.
From late January 2022 until several months ago, we saw multiple offers, minimal inspections and a very competitive market with houses almost always selling above asking price. As of the last month specifically, houses that are priced competitively, in great locations, with wonderful upgrades and amenities are still experiencing solid sales, but we are seeing a rise in days on the market and less offers overall, per property. Interest rate have gone up several times this year which is causing a slight change in buyer activity. Our market is NOT crashing even though you keep hearing mumblings of this in conversations everywhere. We are NOT in the same environment we were in during the 2007 and 2008 market where loans were easily obtained and there was an abundance of inventory. With that being said, and with rates beginning to rise, some buyers are changing the sales price of the home they are looking for and are being potentially a little more cautious with the offers they are writing.
As you can see below, after our region dealt with the snow storm at the beginning of this year, our market has taken off! Low inventory means low competition for homeowners (we are still in this situation today!), which makes right now a great time to list your home! Interest rates are on the rise so if you are considering buying a home let us connect you with one of the best lenders around to discuss your goals and situation before you get priced out of certain areas and homes. If you are not planning on staying in your home for the next 2-3 years, and are looking to buy a larger home, downsize or move to a different area, you should seriously consider selling while competition is low and capitalize on the existing rates before they go up any more! There are many loan programs out there that can ease the effects of the rising rates. Over the last two years it has been very hard to sell and buy at the same time. Now is a great time to go straight from one home to another as home sale contingencies are starting to be accepted again. We help many clients coordinate the selling and buying process each year and have many strategies that work! It most certainly is an art form we have mastered through hard work and lots of experience.
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 11/21/22 - 11/27/22
taken off market
2022 weekly market activity
2021 weekly market activity
have questions about our market?
contact us for more information or fill out the form below! firstname.lastname@example.org Tel: 703-577-0135