The regional median home price was up year-over-year for the 18th month in a row this October, though at a lower percentage than many previous months. The median sold price settled at $455,000 in October of 2024 compared to $440,000 in October of 2023, representing a nearly 3% year-over-year increase. Units sold remained nearly static with a 1% year-over-year decrease from 410 homes sold in October of 2023 compared to 404 homes this year. Total sold dollar volume was up nearly 4%, posting approximately $202.6 million in sales for October of 2024 compared to $195.5 million in sales last year.
The City of Fredericksburg posted its highest median price on record, and also for the region, coming in at $615,000 for this October compared to $412,665 last year. That median price was derived from 17 homes sales in the month with the highest closed price at nearly $2 million.
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 by nearly 4%. Houses were on the market for an average of 27 days this October compared to 26 days last year.
Inventory ticked up across the board in October, approaching 1,000 active listings for the first time since 2022. October of 2024 finished out the month with 969 active listings compared to 900 last year, a nearly 8% increase. New listings were up nearly 11% from last year with 569 homes coming on the market in October of 2024 compared to 514 last year. New pending sales were up solidly this month, with 481 pending contracts compared to 424 last year, a nearly 14% gain.
FAAR Board of Directors member Dawn Curry comments, “For me and my clients, the market has been consistent with a typical seller’s market. Housing prices have remained strong with appraisals coming in at value. Days on market have been longer than we’ve been used to over the past year, but it seems we have fewer qualifying buyers. “
