March Brings Promising Real Estate News
By Martin Davis
EDITOR-IN-CHIEF
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Even with federal job loses, a tumultuous economy, and cuts to federal programs, hope springs eternal in the Fredericksburg housing market.
Unsurprising is that home prices continue to climb (supply is still below demand). Surprisingly, however, the number of houses sold in March is up modestly (about 1%) from a year ago.
Even with interest rates still relatively high compared with a couple years ago — BankRate has the national mortgage average at 6.7% — people are moving ahead with purchase decisions. Spotsylvania and Stafford are where the action is. There were 143 homes sold in Spotsylvania, and 132 in Stafford. These represent jumps of 5% and 10% respectively over March 2024.
Stafford County had the highest average sales price ($575,000), with Fredericksburg coming in second at $547,000.
Perhaps the most interesting data point in the press release by the Fredericksburg Area Association of Realtors was the number of active listings: “The market saw 704 homes for sale at the end of March 2024 compared to 962 homes at the end of this March.”
It’s too early to know precisely what this jump means — people choosing to leave the area due to job loss or better opportunities, retirees making the decision to sell and move elsewhere, or something else — but it will be a number to watch as the summer progresses and the impacts on the changes in the federal government come more into focus.
While the market is still good for sellers, Realtor Jennifer Caison said in the FAAR press release, “sellers are having to adjust expectations, understanding that while it’s still a good time to sell, pricing realistically and being open to negotiation is key. It’s a market that rewards preparation and strategy on both sides.”
To see the analysis for the real estate market in your county, see:
Caroline County
City of Fredericksburg
King George County
Orange County
Spotsylvania County
Stafford County
Colonial Beach
To learn more about the housing gap in our area, visit the FAAR Housing Gap Analysis.
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