2019 is now over and we are excited to release our 2019 Fredericksburg Annual Report. Understanding what’s going on in the market allows us to equip our clients to make confident, informed decisions. It also gives us an idea of what the future holds.
As 2019 information continues pouring in, here are some national housing market trends. The most compelling shift is in housing affordability. Low inventory has caused home prices to increase throughout the year, but the actual affordability of homes has improved due to changing real wages and lower interest rates. Though low inventory continues to stifle sales volume growth, year over year sales are increasing based on slight supply increases throughout the U.S.
The Fredericksburg market can be described in one word: stable.
While we saw increases in number of units sold and sales prices, the average days it took to sell a home remained at 2018 levels. Most homes sold in less than 60 days. Conventional financing reigned supreme, followed by VA financing.
Unemployment rates remain at historic lows. The region’s top employers are the federal government, Mary Washington Healthcare, Geico, and the University of Mary Washington. Economic developments are helping the area thrive, including Celebrate Virginia South, the home of the new Fredericksburg Nationals baseball team. Opening day will come April 2020. The Nationals stadium will also bring larger concerts and other activities to the region.
Major road improvements have begun in surrounding counties, including the much-acclaimed diverging diamond of Courthouse Road in Stafford County. Easing congestion and opening up roads will ease commutes for many of our county neighborhoods.
- Total sales increased more than 4% year-over-year across the Fredericksburg MSA last year. Total sales were 6,169, a 4.21% increase from 2018, when there were 5,920 total sales.
- The median sales price in 2019 was $325,000, a 6.67% increase over 2018’s median sales price of $300,000.
- In the Fredericksburg MSA, average days on market dropped 4.88% to 39. Fairfax County had the lowest average days on market within our data areas at 25 days.
Be sure to check out the full 2019 Fredericksburg Annual Report here for more info on how the market performed last year. Have questions? Contact your Nest Broker today to find out what this report means for you and to discuss your real estate goals. Interested in what’s happening in other markets? Check out all our 2019 Annual Reports here.