And supply is low, according to Fredericksburg Area Association of Realtors May 2024 report.
The median home price in Stafford County reached a record-breaking $551,000 last month, the highest price point ever seen in the county, the Fredericksburg Area Association of Realtors reported this week.
“The Fredericksburg-area housing market continued to march on with the conditions that have been persistent for a long time now: constrained supply, rising prices, and no end in sight,” the association’s May housing report states.
The area-wide median home price also reached its highest point ever—$474,000, a 4% increase over May of last year.
Caroline County’s median home price of $378,400 is up 21% over last May.
The town of Colonial Beach has the lowest median home price in the area—$309,000. Stafford has the highest, at $551,000.
A low inventory of homes on the market is helping to keep sale prices high. There were 814 homes for sale at the end of May as compared to 788 last year, and new listings dropped by 12%.
New pending sales are also down 8% over last year.
“The residential real estate market in May 2024 continues to experience moderate price growth, although at a slower pace compared to the rapid increases seen during the pandemic years,” FAAR president-elect Lauren Tate said in a press release from the organization. “This can be attributed to higher mortgage rates, which have tempered buyer demand. Despite this, inventory remains tight in many areas, leading to competitive offer bidding.”
The May 2024 reports for each jurisdiction in FAAR’s coverage area and an infographic are available at the organization’s website.
