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 was an incredible year real estate wise in the Greater Fredericksburg Region, which was 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 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, which has resulted in very low inventory. This has been a recurring theme in our area over the last year specifically.
For the last several months, we have seen multiple offers on over 80% of the homes we have listed. This is an incredibly strong real estate market for any time, but especially during a pandemic. Low inventory means low competition, which makes right now a great time to list your home. With that being said, we have seen a slight increase in inventory the last six weeks straight! What this means is that more homes have come on the market than have gone under contract. This is the first time in over a year that we have seen this happen, much less several weeks in a row. Homes are still selling left and right but sellers over the last month have seen slightly more competition and buyers are starting to have a few more choices. The quality of offers are still very much out there but the quantity of offers have decreased in many instances. Interest rates continue to stay at historic lows, meaning it is definitely an opportune time to buy. We will continue to closely watch the "new inventory situation" so we can give the best advice possible.
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 7/26/21 - 8/1/21
taken off market
2021 weekly market activity
2020 weekly market activity
have questions about our market?
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