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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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Housing prices up in Fredericksburg area

Median housing prices rose in the Fredericksburg area for the ninth-straight month in October compared with the year before.

The median sales price for Fredericksburg-area homes that sold last month through the Multiple Listing Service was $223,050, according to Metropolitan Regional Information Systems data released Monday.

That was up 11.5 percent from October 2011. It’s about where housing prices have been locally for the past seven months.

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

There were 332 homes sold locally through the MLS in October, up 5.4 percent year-over-year. About 16.6 percent of the sales were foreclosures. Eleven of the sales were for more than $500,000.

Homes spent 63 days on the market on average before selling and sold for about a 6 percent discount to the list price.

Based on last month’s sales volume, there was about a 4.3-month supply of homes on the market at the end of October. That’s below the levels that are considered an optimal balance between supply and demand.

Perhaps partly as a result, the number of building permits issued locally for new homes has been on the rise of late, though it’s still far from the level seen during the housing boom. Many new residential projects are in the works locally as well.