Business news from the Fredericksburg region.
Area housing prices dip, but sales volume spikes
Fredericksburg-area housing prices fell slightly in June, even though some localities made significant gains.
The median price for the 471 homes that sold last month through the Multiple Listing Service in the Fredericksburg area was $255,000.
That was down about 1.9 percent year-over-year, according to Metropolitan Regional Information Systems data.
The region’s housing prices showed no change since May.
Total sales volume, however, rose 8.1 percent in June from the same month in 2013, and more than 14 percent from May.
Homes spent an average of 66 days on the market in June.
Fredericksburg’s home prices rose more than 23 percent between June 2013 and June 2014, from $250,000 to $307,900.
Caroline County saw the largest percentage increase, with prices rising more than 37 percent year-over-year, from $133,000 to $183,000.
Stafford County saw a slight gain of just over 1 percent in home prices.
King George and Spotsylvania counties saw home prices fall 13 percent and 8 percent, respectively.
The Fredericksburg area is made up of the city and Caroline, King George, Spotsylvania and Stafford counties.
Lindley Estes: 540/735-1976