The regional median price of a home in the Fredericksburg area was up again in August, continuing a streak of 16 straight months of regional home price appreciation.
According to analysis from the Fredericksburg Area Association of REALTORS® based on brightMLS multiple listing data, the median sold price settled at $461,500 this August compared to $450,000 in August of 2023, representing a nearly 3% year-over-year increase.
Units sold were also up last month, posting a nearly 3% gain with 531 homes sold versus 516 last year. Total sold dollar volume was up over 4%, posting approximately $267.7 million in sales this August compared to $256.2 million in sales last year.
“The Fredericksburg real estate market is entering a healthy phase of normalization after years of rapid price growth and swift home sales driven by COVID-related changes in lifestyle,” FAAR Vice President Matthew Rathbun said in a release.
“We’re now seeing increased housing availability, as more homeowners are listing their properties than we’ve seen in recent summers. With interest rates showing a slight drop and homes staying on the market a bit longer due to the end of summer vacations and back-to-school transitions, buyers now have the chance to make more informed and less rushed decisions. This shift allows for a more strategic approach to home buying, without the pressure of submitting overly competitive offers.”
Days-on-market, or the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status, increased again last month by 13%. Houses were on the market for an average of 26 days this August compared to 23 days last year.
Inventory ticked up in August, finishing out the month with 944 active listings compared to 848 last year, an 11% increase. New listings were down 5% from last year with 570 homes coming on the market in August of 2024 compared to 603 last year. New pending sales were down 5%, with 495 pending contracts compared to 521 last year.
“While prices continue to rise at a lower rate than the past few years, the increase in available inventory reflects a positive outlook for both buyers and sellers,” Rathbun said. “The Fredericksburg area remains a vibrant hub for real estate activity, and with trusted real estate advisors on hand, first-time buyers and those re-entering the market are finding creative solutions to achieve their homeownership goals. Our market continues to thrive, and with continued efforts on affordability, more families will be able to realize their dream of owning a home in our sought-after region.”
The August 2024 FAAR Housing Report. (Images from Fredericksburg Area Association of Realtors website.)
