FOR IMMEDIATE RELEASE
Contact: Carol Sondrini
540-373-7711
news@faarmembers.com
More of the Same in March for Local Real Estate Market
High prices, falling demand continue
Fredericksburg, VA – (April 17, 2023) – The following analysis of the Fredericksburg, Virginia area housing market has been prepared by the Fredericksburg Area Association of REALTORS® based on analysis of brightMLS multiple listing data.
March 2023 saw more of the same in the local real estate market with falling demand, rising prices, and increasing days on market. Total sold dollar volume was down nearly 30% coming in at approximately $204.6 million compared to more than $289.1 million in March of 2022. Units sold decreased by nearly 31% from last year with 452 homes sold in March versus 652 last year. Despite the continued dip in demand, prices rose more than 3% year-over-year, settling at $420,000 this year compared to $406,500 in March of 2022.
FAAR Board of Director Meghan Kala comments, “March really proved itself to be the kick start to the spring real estate market, and our buyers are out in full swing. Many buyers who put the brakes on last year have chosen not to wait any longer on the volatile interest rates. They are stepping out into the growing pool of consumers in a low inventory market. Because of this, we’ve been seeing multiple offer situations, buyers waiving home inspections, and the return of appraisal gap coverages. Smart and prepared sellers should be able to cash in on their advantages as we continue into the busy months ahead!”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 106% up to 37 days this March compared to just 18 days last year.
Inventory was up 23% in March, finishing out the month with 693 active listings compared to 562 last year. New listings were down nearly 37% from last year with 948 homes coming on the market in March of 2022 compared to 602 this past month. New pending sales were down nearly 36% in March, with 509 pending contracts compared to 795 last March.
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About the Fredericksburg Area Association of REALTORS®
Founded in 1957, the Fredericksburg Area Association of REALTORS® (FAAR) is the trade association for more than 1,700 Realtor® and affiliate members serving the City of Fredericksburg, the Counties of Caroline, King George, Orange, Spotsylvania, and Stafford, along with the Colonial Beach area of Westmoreland County. Members also work in the surrounding counties of Westmoreland, Louisa, and Prince William and in Northern Virginia. For more information about FAAR, visit www.faarmembers.com or contact Kim McClellan, Public Policy Director at kmcclellan@faarmembers.com or 540-373-7711.
