Local Home Prices Continue Climb

Spotsylvania and Stafford both see average home sales price in April of $500,000 or above, the most expensive in the region. In Fredericksburg and Orange, the average sales prices declined from 2023.

The most-recent housing report for the Fredericksburg region is out, and at a high level there are no real surprises. Everything is up.

Median home prices were up 3% from last year, with April 2024’s average price coming in at $450,000 versus $435,000 a year ago. The total number of units sold also increased, up 26% from last April when just 414 units moved. In April 2024 that number was 522.

“April 2024 proved to be positive for sellers as the increase in sales pricing continues trending upward by percentage,” said FAAR Director Gary Gardiner in a press release. “Buyers are competing to secure a home in this low inventory market. As a result, sellers have been able to maximize their equity. Mortgage interest rates remain higher. Home affordability continues to be a challenge for most buyers who struggle to find a home and the market is highly competitive financially.”

The number of days it takes to sell a home is dropping – unsurprising given how competitive the market it. Last April it took an average of 27 days from listing to receiving a ratified contract. In April 2024 that number was 26 days.

The Fredericksburg Area Association of Realtors (FAAR) also provided sells data for each of the counties in its footprint – Caroline, Colonial Beach, Fredericksburg City, King George, Orange, Spotsylvania, and Stafford – and there was some notable information there.

In two places – Fredericksburg City and Orange County – the average sales price actually feel from last year.

The place enjoying the greatest jump in average sales price was Colonial Beach, where the average home sales price rose 15%, from $307,458 in April 2023 to $353,591 this April. Caroline county was second, realizing an 11.28% rise over last year. The average home sales price this year in Caroline was $353,972.

Spotsylvania and Stafford had the highest average sales price this past April. The average sales price in Spotsylvania was $500,638, and in Stafford it was $538,854.

Managing Editor and Correspondent