“How’s the market?”
2017 seems to have come and gone in a flash as we’re nearly three weeks into 2018 already. While everyone is busy making resolutions this time of year, at Nest, we’re busy answering one question, “How’s the market?” This is a question often posed to us as real estate Brokers and we understand the importance of providing our clients with the insight to make confident, informed decisions.
We are excited to release our 2017 Fredericksburg Annual Report. This report provides a comprehensive look at how our local market performed not only last year, but in year’s past as well. Whether you’re considering selling your current home, buying a home, or just interested in learning more about our local real estate market, we hope this report serves as a valuable tool.
The Fredericksburg area real estate market continues to trend positively and show signs of strength. For the third year in a row, total sales increased year-over-year across the Fredericksburg MSA. The trend we are monitoring closely is the declining inventory environment we are currently in.
For the past three years now, the number of homes for sale have declined. At the end of 2017, there was slightly more than three months of inventory available. These conditions make for a favorable marketplace for sellers. With fewer options available for buyers, sellers are able to command higher prices. This is a primary factor influencing the rise in sales prices we have experienced over the last five years. In this environment, quality homes are moving quickly as homes sold 10 days faster in 2017 than in 2016. It’s becoming increasingly important for buyers to be pre-qualified and prepared to act quickly.
Spotsylvania County experienced one of the largest year-over-year increases in total sales this past year, rising more than 7% compared to 2016. Activity in Caroline County exploded in 2017 with total sales rising more than 18% and median sales price climbing more than 10% year-over-year. Madison County was the only county in the greater Fredericksburg area that had a decline in total sales in 2017. Every county in the greater Fredericksburg area saw median sales prices rise this past year which is positive sign for homeowners across the board. Inventory levels declined most significantly in the City of Fredericksburg, dropping more than 42% from 2016.
Be sure to read the full 2017 Fredericksburg Annual Report below to learn more about how the Fredericksburg area market performed in 2017. Have questions? Contact your Nest broker today to find out what this report means for you and to discuss your real estate goals. We’re happy to help you Live Where You Love, and MOVE Boldly in 2018.
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