The regional median home price was up yet again in September continuing a streak of 17 straight months of regional home price appreciation. The median sold price settled at $472,000 in September of 2024 compared to $435,000 in September of 2023, representing a nearly 9% year-over-year increase. Units sold remained nearly static with a less than 1% year-over-year increase from 435 homes sold in September of 2023 compared to 438 homes this year. Total sold dollar volume was up nearly 12%, posting approximately $232.3 million in sales for September of 2024 compared to $207.4 million in sales last year.
Spotsylvania County led the pack with increased sales and median price, posting the county’s highest ever median sales price by a long shot. Median price soared to nearly $500,000 with a 19% year-over-year increase from last year with a $497,000 September 2024 median price, compared to $418,000 in 2023. Units sold were up nearly 31% in September with 165 homes sold compared to 126 last year.
“We have been transitioning into a more balanced market in the Fredericksburg region,” states FAAR Board Member LeAnn Black. “In a more balanced market, we typically see sellers and buyers in win-win positions where negotiations have led to compromise. On the seller side, we have more homes for sale than we’ve seen in several years. The increased supply has reenergized buyers who are actively looking for a home of choice. The transitioning market brings its own set of challenges as sellers and buyers navigate the new norm. Sellers are relying on pricing data from homes that may have sold when sellers had more market control. This can make it more difficult for sellers to arrive at an initial price that is in the “sweet spot”. When there is a discrepancy between the list price and market conditions, this can result in lowered prices and homes lingering on the market. With the increased supply, buyers have more options available to them. They are also finding that they have more time to thoughtfully consider homes before making an offer. In addition, they have more buying power as mortgage rates decrease. We are seeing these factors in our region and we are excited by the possibilities for consumers.”
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 again last month, this time by a whopping 36%. Houses were on the market for an average of 34 days this September compared to 25 days last year.
Inventory ticked up across the board in September, finishing out the month with 917 active listings compared to 859 last year, a nearly 7% increase. New listings were up nearly 8% from last year with 529 homes coming on the market in September of 2024 compared to 491 last year. New pending sales were up sharply this month, with 477 pending contracts compared to 414 last year, a more than 15% gain.