The number of homes on the market continued to decline in May in the midst of a strong spring home-selling climate while median sale prices rose across the Fredericksburg region, according to a report assembled by Long & Foster Real Estate.
The report, which included Fredericksburg, along with Spotsylvania, Stafford, Culpeper and Caroline counties, said median sale prices were highest in Stafford County, at $330,500, down 1 percent compared to a year earlier. Average number of days on the market ranged from 26 to 44 across the region, with homes bringing nearly complete asking prices.
In a more balanced market, homes in the region reasonably sell within 45 to 60 days and close at around 94 percent of asking price, Long & Foster president Larry Foster said in a news release.
Mortgage interest rates are slowly increasing, as expected, but Foster said he doesn’t think that alone will dampen demand. He predicted a seller’s market at least through the end of the year, as long as consumer confidence remains high.