lindley (1)

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.

RSS feed of this blog

Local housing market improved in 2012

The Fredericksburg-area housing market showed clear signs of improvement in 2012 compared with the year before, according to a new report from Metropolitan Regional Information Systems Inc.

Though far from its performance during the housing boom, the local market (Fredericksburg and Caroline, King George, Spotsylvania and Stafford counties) improved in just about every category compared with 2011. Those included:

  • The region’s median sales price rose 10 percent year over year to $220,000.
  • Townhouses and other attached homes showed bigger gains, with average prices rising 11.3 percent compared with 5.7 percent gains for detached homes.
  • The total sales volume of transactions conducted through the Multiple Listing Service rose 6.9 percent, nearing $1 billion.
  • The number of units sold through the MLS, 4,178, was flat from the year before.
  • Homes on average spent about 16.3 percent less time on the market before getting a buyer. Homes spent an average of 72 days on the market in 2012.
  • Homes also sold for less of a discount to the list price in 2012. There was about a 5.5 percent discount to list compared with about 7.5 percent the year before.
  • Conventional financing also made something of a comeback in 2012. More home sales (1,173) were financed with conventional bank loans compared with FHA (1,037) or VA (1,127) loans. That wasn’t the case in 2011, when more people used government-backed loans.

More new housing projects are now in the works, particularly in North Stafford, as builders begin to regain confidence that the housing recovery has started to take hold.