As 2024 draws to a close, the Fredericksburg regional housing market saw big increases in median price and units sold, while active listings continue to slowly expand. Total sold dollar volume increased a whopping 46% in November, coming in at approximately $244 million compared to $167.4 million last year. Units sold were up over 25% year-over-year, with 359 homes transacted last November compared to 451 this year. Median price sold price increased nearly 6% last month, coming in at $465,000 compared to $439,900 in November of 2023.
Caroline County posted its second highest median price on record, approaching the $400,000 mark. In November of 2024, buyers saw the region’s most affordable housing market soar to $391,500 compared to $354,000 the year before.
“With the federal elections behind us, clients are starting to come back out and are getting ready to make moves starting as soon as the new year begins by starting their searches now,” comments FAAR Board of Directors member Denise Smith. “This month has already been a busy month, but we are in need of more homes in first-time homebuyer range. There just isn’t enough inventory in that category. There is pent-up demand from buyers out there and if we get any slight interest rate reduction, listings will move quickly again.”
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, was up about 7% with homes averaging 31 days on the market this November compared to 29 days last year.
Inventory was up by nearly 16% in November of 2024, but the region is still seeing a seriously constrained supply and remains stubbornly under 1,000 homes on the market. November closed out the month with 943 homes for sale compared to 815 last year. New listings were up nearly 11% with 425 new homes coming on the market this November versus 384 last year. Despite the strong sales activity of closed sales in November, the month closed out nearly 9% down on new pending contracts, with 367 transactions pending compared to 402 last year.
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