The local real estate market continued to see rising prices against a backdrop of expanding inventory and fewer sales than a year ago. The median price for August increased more than 5%, going from $461,500 last August to $485,750 this year. While prices continued to climb, the pace of sales continued to slow compared to last year. There were 491 homes transacted this August compared to 531 last year, representing a nearly 8% year-over-year decrease from August of 2024. That decline in sales led to a slight decrease of not quite 1% in total sold dollar volume, posting approximately $266.6 million in sales activity this year compared to $267.7 million last August.
“As we move into the autumn season, the Fredericksburg housing market is showing its usual signs of slowing, with more listings coming online and prices holding steady,” states FAAR President-Elect Matthew Rathbun. “Sellers aren’t seeing the rapid pace of sales we’ve had in recent years, but the market remains balanced and healthy. Buyers, meanwhile, are enjoying a bit more breathing room in their search and are watching interest rates closely, hopeful that future drops could expand their options. Overall, we’re in a period of stabilization rather than sharp swings, which is good news for long-term market confidence.”
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 4% going from 26 days last August to 27 days this year.
Active listings continued to expand in August with a 37% year-over-year increase from 2024. There were 944 homes on the market at the end of last August and that has ballooned to 1,295 homes active at the end of this August. New listings were up nearly 21% with 689 homes coming onto the market compared to 570 in August of last year. Even with all of the new selection on the market, new pendings were up a scant 1% with just a handful more under contract properties this August compared to last year. August of 2024 saw 495 new pending contracts while this year posted 502.
