In a nutshell, the market is getting stronger!
Our recently released Fredericksburg Real Estate Market Report is showing that the Fredericksburg area is experiencing the highest volume of sales in 5 years, with a 15% growth in sales compared to 2014. Remarkably, sales are up in all area counties. Fredericksburg City, Caroline County, and King George County are seeing the most sales volume increase, along with sales price increases. It’s a testament to consumer confidence that local rural areas are seeing the most year-over-year increase in their respective markets.
The sales growth in the area is continuing to increase at a steady pace as we move through 2015. The historically low interest rates and stagnant or decrease in inventory in the area are definite factors in the stabilization of our local real estate market. With mortgage predictions of increases in interest rates—which usually results in a stagnation of sales prices, changes to FHA financing guidelines, and a realization of VA assumable loans by non-VA buyers—we can expect the market to continue to remain healthy, barring any Federal intervention of catastrophic events. Here a few highlights from the report:
- Average days on market dropped to 78 in the City of Fredericksburg
- Average sales price in Caroline County rose 5.5% year-over-year
- Q2 total sales in King George County reached a five year high with 90 homes sold
- Contracts written in Orange County increased 17% over last year
Read the full 2015 Mid-Year Fredericksburg Real Estate Market Report here. Have questions about the report, or ready to start your home search? Please don’t hesitate to ask! Contact an agent.