The regional median home price was up again in June, with all but one locality seeing increases. The median sold price settled at $450,000 this month compared to $441,000 in June of 2022, representing a 2% year-over-year increase. Units sold were down 16%, coming in at 625 compared to 748 units sold last June. Total sold dollar volume was down nearly 12%, posting approximately $308.1 million in sales for June of 2023 compared to $349.1 million in sales last year.
Stafford County saw its highest price on record in June of 2023, coming in at $525,000 for median price, a 5% increase from last year. Stafford’s median price has increased $125,000 from just three years ago with a July 2020 median price of $399,000. King George County was the only jurisdiction that saw a decline this month, but prices remain stubbornly high in that county as well. The median price fell 6% in June of 2023 compared to last year, settling at $427,500 compared to $454,950 last year.
FAAR Board of Director Kardin Lillis comments, “The past few months have been a bit of a roller coaster with interest rates and some uncertainty with Fed, which has spilled over into the real estate market. The greater Stafford and Fredericksburg area is still showing a seller’s market with between one and two months of inventory. We are seeing a slight bump in average days on market, and the return of home inspections, and even some seller closing cost assistance. Overall, the market is strong and does not show signs of slowing as we head towards the end of summer.”
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 64% up to 18 days this June compared to just 11 days last year.
Inventory was also down again in June, finishing out the month with 851 active listings compared to 955 last year, a nearly 11% decline. New listings were down 29% from last year with 652 homes coming on the market in June of 2023 compared to 918 last year. New pending sales were down 18% in June, with 564 pending contracts compared to 685 last June.
