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The Fredericksburg-area housing market performed well in March, with median prices rising and more homes hitting the market, according to a report from the Fredericksburg Area Association of Realtors (FAAR). The median price of the 423 homes that sold in March was $475,325, up nearly 6 percent year-over-year. Total sold dollar volume was up nearly 9 percent. Homes spent about 36 days on the market on average before getting a ratified contract. More than 40 percent of homes sold in 10 days or less. There were 962 homes on the market regionally at the end of March, compared with 704 at this time last year, resulting in about a two-month supply.
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“March has shown us signs of cautious optimism,” FAAR Board of Directors member Jennifer Caison said. “While inventory remains relatively low, we are starting to see an increase in listings, giving buyers a few more options than in previous months. Days on market are stretching slightly longer depending on price point and location, which suggests that homes need to be well-priced and show-ready to sell quickly. Buyers are more discerning now, taking their time and not rushing into offers like they did during the peak frenzy. On the other hand, 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. Overall, I believe we saw a great spring market in March, definitely an improvement from the prior three months.”
- Here’s localized housing market data from March (median sales price in parentheses):
- Stafford County ($575,000)
- City of Fredericksburg ($547,000)
- Spotsylvania County ($472,700)
- King George County ($450,000)
- Orange County ($399,994)
- Caroline County ($390,000)
- Town of Colonial Beach ($309,900)
- There were 89 homes sold last week in the Fredericksburg region, according to FAAR, including two for more than $1 million. Check back weekly for the new list.
- The 489,401-square-foot, 89.7-acre FedEx warehouse property at 180 Centreport Parkway in Stafford sold in February for $77.625 million, according to Stafford’s monthly deed transfer report. The seller was 180 Centreport Parkway LLC, which, according to Stafford property records, bought the property in June 2023 for $79.5 million. The purchaser was New York City-based NHNR Hold Co. 20 LLC.
- Potomac Point Winery is the focus of this week’s Biz Beat Clips video.
- Anita’s Cafe owner Anita Crossfield is the guest on this week’s edition of the Biz Beat Banter podcast (which is now published weekly).
- Three University of Mary Washington (UMW) seniors won first place in UMW’s recent Eagle Innovation StartUp Pitch Competition for their “FlossyPik dental flosser.” The trio won $2,500 in prize money.
- The Eastern Orange Virginia Farmers’ Market will return for its 19th year on April 27. The market, which is at the Locust Grove Town Center at 32345 Constitution Highway, will be open every subsequent Sunday 8 a.m. to 1 p.m. until Thanksgiving.
- The Germanna Educational Foundation recently nominated Mary Washington Healthcare (MWHC) for the 19th-annual Award for Leadership in Philanthropy. The nomination recognized MWHC’s support of Germanna’s nursing program and other educational opportunities. The Virginia Community College System will honor one recipient from each of the state’s 23 community colleges.
“Biz Beat Roundup” runs every Wednesday morning and includes a roundup of business news from around the Fredericksburg region. Send submissions to: [email protected]
