The Long & Foster Market Minute

FOCUS ON: FREDERICKSBURG CITY HOUSING MARKET MAY 2024

Units Sold
24
Active Inventory
51
Median Sale Price
$447,500
Days On Market
27
Down
Vs. Year Ago
No Change
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -16%
Vs. Year Ago

Units Sold
With relatively few transactions, there was a decrease in total units sold in May, with 24 sold this month in Fredericksburg City Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2023.

Active Inventory
The total number of homes available this month is 51 units, which is similar compared to a year ago. This month's total of 51 is lower than the previous month's total supply of available inventory of 52, a decrease of 2%.

Median Sale Price
Last May, the median sale price for Fredericksburg City Homes was $420,000. This May, the median sale price was $447,500, an increase of 7% or $27,500 compared to last year. The current median sold price is 2% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
44
Current Contracts
34
Sold Vs. List Price
99.5%
Months of Supply
2.1
Down -6%
Vs. Year Ago
Down -23%
Vs. Year Ago
Down -2.5%
Vs. Year Ago
Up 59%
Vs. Year Ago

Months of Supply
In May, there was 2.1 months of supply available in Fredericksburg City, compared to 1.3 in May 2023. That is an increase of 58% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 44 homes newly listed for sale in Fredericksburg City compared to 47 in May 2023, a decrease of 6%. There were 34 current contracts pending sale this May compared to 44 a year ago. The number of current contracts is 23% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Fredericksburg City was 99.5% of the average list price, which is 2.5% lower than at this time last year.

Days on Market
This month, the average number of days on market was 27, lower than the average last year, which was 32, a decrease of 16%.

The Long & Foster Market Minute
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.