2016 has come and gone which means it’s time for our yearly wrap up of how our local real estate market performed this past year. We are proud to present the 2016 Fredericksburg-Warrenton Annual Report. In today’s world, data is everywhere. Our Annual Report is designed to deliver you the data you need in an approachable and easy to understand manner so that you can make informed real estate decisions. We pride ourselves on being experts in our field and we hope you find this report to be a valuable resource in understanding our local real estate market.
2016 was another good year for our local market. Strong buyer demand led to a second consecutive year of year-over-year total sales growth. Decreasing inventory levels continued to be a prominent trend in 2016 which resulted in increases in sales prices throughout the region. Current market conditions favor sellers as the market is poised to absorb an influx of inventory. Limited inventory and uncertainty regarding interest rates however seem to be giving some buyers hesitation. This will be a situation we monitor closely moving into 2017. To learn more about how the Fredericksburg area real estate market performed last year, take a look at the highlights below and read the full 2016 Nest Realty Annual Report here.
- Total sales in the Fredericksburg metro area rose by 9.5%
- Median sales prices in Spotsylvania County increased by 4%
- Months of inventory in the City of Fredericksburg fell 23% to just 4 months
Have questions? Don’t hesitate to contact your Nest Broker to learn more.