Home prices in the Fredericksburg area are continuing to rise, according to a recent analysis from The Fredericksburg Area Association of REALTORS®.
The regional median sold price settled at $474,093 this month compared to $450,000 in June 2023, representing a more than 5% year-over-year increase. FAAR’s analysis is based on data from Bright MLS listings.
Units sold were down 14%, reaching 537 compared to 625 units sold last June. Total sales were down nearly 12%, posting approximately $271.4 million in sales for June 2024 compared to $308 million last year.
“Days on market,” or time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 11% up to 20 days this June compared to 18 days last year.
Inventory was up slightly this June, finishing out the month with 877 active listings compared to 851 last year, a nearly 3% increase. New listings were down 3% from last year with 652 homes coming on the market in June 2023 compared to 631 this year. New pending sales were down nearly 4% in the last month, with 542 pending contracts compared to 564 last June.
The regional rental market remains competitive with continued elevated prices.
“The rental market is pretty steady,” FAAR Board of Director and Property Manager Dawn Josemans said in a news release. “We continue to see high rents with renewal increases in the triple digits. We were seeing more application competition in the second quarter with it waning a bit recently. Properties are still renting fairly quickly in the moderate rent range with the $3,000-$5,000 per month rentals taking longer to lease up.”
