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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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Local housing prices hit five-year high

Fredericksburg-area housing prices hit their highest level in more than five years in August, according to Metropolitan Regional Information Systems data released Tuesday.

The median sales price of the 471 homes sold in the Fredericksburg area last month through the Multiple Listing Service was $262,000. That was up 12 percent year-over-year and the highest level since July 2008.

The 471 August sales represented a 37 percent increase year-over-year. The total sales volume of $132 million rose 55 percent from the same month a year ago.

August was the fourth-straight month in which the total sales volume has exceeded $100 million locally — Fredericksburg and Caroline, King George, Spotsylvania and Stafford counties. That hadn’t happened previously since mid-2007.

Foreclosures represented just 9.3 percent of the total sales volume last month. That’s the first time it’s dipped into the single figures since at least 2009.

Active listings have been rising steadily this year, which could be due to more people being able to put their homes on the market as prices recover.

There is still just a 3.7-month supply of homes on the market locally, however.

Homes sold in August locally spent an average of just 56 days on the market before getting a ratified contract, and sold for about a 4 percent discount to list price.