It’s now safe to say that the local and regional Fredericksburg real estate market is now in full recovery mode. 2013 was arguably the healthiest real estate market that we’ve seen in 8 years. Total sales, median prices, and days on market for sold properties were all positive. While inventory levels rose slightly, the increase in inventory was not enough to slow down consumer confidence.
As an area that encountered high short sale and foreclosure inventory in the past, 2013 saw a drastic decrease in the number of distressed properties for sale. We expect to see a further reduction in short sales and foreclosures in 2014 as the market continues to improve.
With the continuation of low interest rates and riding the effects of a strong 2013, consumer confidence and sales should continue to grow steadily in 2014. A rising interest rate environment and some changes to mortgage lending rules may serve as speed bumps towards the continued recovery of our local market. That being said, we believe the regional real estate market seems to have enough strength to handle those potential concerns in 2014.
As always, we will continue to work hard to provide our clients with the highest level of service and most relevant information to help you make informed real estate decisions.
Thanks again for your trust in Nest.
View the full 2013 Fredericksburg Annual Report.