Real Estate Reports for August

Home prices continue to rise in most communities, but the overall market is showing signs of "entering a healthy phase of normalization after years of rapid price growth."

By Martin Davis
EDITOR-IN-CHIEF
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This month’s report on local real estate sales and housing stock put out by the Fredericksburg Area Association of Realtors has both good and bad news for people in the housing market.

Leading off with the bad, housing prices continue to climb — with two notable exceptions.

Sales prices are up 1.5% in Fredericksburg (average sales price $542,428); 1.79% in Orange County (average sales price $460,404); 6.2% in Stafford (average sales price $546,528); and 7.82% in Caroline County (average sales price $383,814).

In King George County, sales prices are down slightly by 0.42% (average sales price $484,455). The steepest decline in home prices is in Spotsylvania County where sales prices are down by 4.74% (average sales price $502,135).

Despite the stubbornly high prices, however, there are signs that the housing market is beginning to settle down a bit.

“We're now seeing increased housing availability, as more homeowners are listing their properties than we've seen in recent summers,” said FAAR Vice President Matthew Rathbun.

While new listings are down year-over-year in most places — Spotsylvania (new listings up 2.06%) and Carolina County (new listings up 17.6%) are notable exceptions — active listings are up everywhere but King George (-32.39%).

Helping is the longer time it is taking for houses to move from listing to contract. A year ago the average stay-time on the market was 23 days; in August 2023 it was up to 26 days.

To see all the details on your community, visit the following links:

Fredericksburg
Caroline County
King George
Orange County
Spotsylvania County
Stafford County

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