Housing Market Sees Increase in Units Sold for First Time Since April of 2022
Housing Market Sees Increase in Units Sold for First Time Since April of 2022
Fredericksburg Area Association of Realtors releases January 2024 housing report, showing that total volume of sales, prices, and units are all up over last year.
by Adele Uphaus
MANAGING EDITOR AND CORRESPONDENT
Housing prices, the total volume of sales, and the number of units sold are all up as of January 31 over this time last year, according to the most recent report from the Fredericksburg Association of Realtors.
Three hundred and twenty-four units sold in January, which is a 7% increase over last January.
“This is the first time the market has seen an annual increase in units sold since April of 2022,” FAAR’s report states.
The median home price of $432,000 is up 3% over last January, and the total sales volume of $153 million is up 8% percent over last January.
Median home prices in all localities covered by FAAR—Fredericksburg, Stafford, Spotsylvania, Caroline, King George, Orange and Colonial Beach—are up over January of 2023, except for in Caroline and Orange.
The highest median home price in the area is still in Stafford ($485,000) and the lowest is in Caroline ($350,000, which is down 11% over last year).
“Buyers should look at these year-over-year prices as an indication that ‘the bubble isn’t going to burst,’” said Meghan Kala, a member of FAAR’s board of directors.
The average length of time a house stays on the market is 39 days, which is basically flat over last January’s average of 38 days.
Many potential sellers are still staying out of the market to see what interest rates will do, according to Kala, which could cause problems as the area continues to develop and the need for housing ramps up.
“Sellers could be sitting on a mountain of equity and are ready to downsize, but they are uncertain if the time is right to list. The question they may ask themselves is—where will I go?” Kala said. “As a result, we may see an increase of home sale contingencies in transactions.”
“We are still experiencing multiple offer scenarios, which should encourage sellers who are getting ready to put their home on the market,” she continued. “Attainability, especially for first-time home buyers, could prove to be challenging if (sellers) continue to wait.”
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