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Business Insider

Lindley Estes is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Home sales prices up locally in third quarter

Fredericksburg-area housing prices rose during the third quarter compared with the same three-month period in 2011, according to a report released Monday by the Fredericksburg Area Association of Realtors.

The median sales price rose 13.6 percent to $229,000 during the three months ending Sept. 30. Homes spent less time on the market before selling, and short sales and foreclosures weren’t as big of a problem as they have been in the recent past. A fairly small number of homes on the market meant that buyers competed over attractively priced properties.

Potential defense cuts remain a threat to the market, however. The FAAR report states that some people whose jobs are tied to the military are renting rather than buying because of the political uncertainty. The total number of home sales stayed about steady from the third quarter of 2011.

The Fredericksburg area covers the city and King George, Caroline, Stafford and Spotsylvania counties.

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