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.
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 on a weekly basis, and sometimes even on a daily basis. It is very important to be connected with a good, local lender to understand the ups and downs of the financial markets and then jump on locking in when the rates drop. We are steadily in touch, almost daily right now, with our preferred lenders to understand the market and have the most up to date information. We have our clients make application so we can wait and lock in as soon as the dips happen. We are happy to make introductions so you can be in the know as well!
One thing that is important to know is that mortgage rates do not always go up when the Fed raises the base line interest rates. You actually need to follow the 10 Year Treasury to more accurately track the movement of mortgage interest rates. Right now, it is very important as a buyer to concentrate on what you can afford, not what the interest rate is. Prices are still going up year over year here locally so the longer you wait, the more you will likely pay.
In our region, most counties' average days on market vary (for instance Stafford is 18 but Caroline is 28) 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 early this summer that home prices fell for the first time in over 12 years. In our area they are still going up. We saw a dip one month this year, and otherwise they have been increasing. Due to our location between Washington, D.C. and Richmond, we don't often follow "nationwide" trends. 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 for much of the inventory, however the summer market has lessened buyer activity slightly. We are seeing many properties go into multiple offer situations so buyers need to be ready to be competitive when the situation arises. The fall market will be in full effect come Labor Day so don't miss out before you have to start competing against all the fall buyers!
New construction is a great option for buyers right now as well, 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!
Seasonality has returned, creating favorable conditions for buyers in certain cases. This presents an opportunity where buyers may not have to face intense competition and can negotiate with sellers to include a contingency for finding a home of their choice or to win an offer with a home sale contingency. However, as the fall market gains momentum (you have about another 2 weeks or so!), these opportunities will gradually decrease. Therefore, if you are considering buying and selling, now is an ideal time to take advantage of the market.
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 11/27/23 - 12/3/23
taken off market
2023 weekly market activity
2022 weekly market activity
have questions about our market?
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