The local housing market showed surprising price growth in March despite persistent year-over-year demand decreases. Median price was up nearly 8% year-over-year coming in at $449,949 this March compared to $420,000 last year. Total sold volume remained static from last March coming in at approximately $202.3 million, a scant 1% decrease from 2023 numbers. Units sold fell by almost 8% year-over-year compared to last March with 417 homes selling last month compared to 452 in 2023.
The regional price increase was driven by high prices in Spotsylvania and Stafford counties, with the latter setting a price record for March. Spotsylvania County landed its third-ever highest price at $449,000 with an increase in units sold over last March. Meanwhile, Stafford County posted a whopping $522,500 median price for March, a 10% increase from last year, but that price point was reflected in a downturn in demand of nearly 30%.
“We’re seeing a pain crunch for first-time buyers as inventory in their price point has aways been a challenge, and it’s very pronounced right now,” comments mortgage lender and FAAR Board of Director Nick Bohn. “On the bright side, Virginia Housing programs increased flexibility on income limits has really helped expand those opportunities for first-time buyers. We’re seeing an increase in inquiries for mortgage loans, and we are anticipating high demand for the limited inventory that’s on the market.”
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 decreased almost 20% going from 37 days last March to 30 this year.
Inventory was again all over the place with a slight increase in active listings with the market seeing 704 active homes for sale compared to 693 at the close of last March, a less than 2% increase. New listings coming on the market were down by nearly 8% with 602 new homes listed throughout last March compared to 555 listed this March. New pending contracts were up by over 11% this March with 566 pending transactions compared to 509 last year.
