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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, sales down in February

HouseHousing prices rose in the Fredericksburg area in February compared with a year ago, but sales fell.

The median sales price of houses that sold through the Multiple Listing Service in Fredericksburg last month was $232,950, according to Metropolitan Regional Information Systems Inc. That was up about 6 percent year-over-year.

There were 256 sales through the MLS last month in the region — which comprises the city and Caroline, King George, Spotsylvania and Stafford counties. That was down about 7 percent from February 2013.

There is about a six-month inventory of homes on the market locally based on February’s sales pace.

Homes spent an average of 78 days on the market before getting a ratified contract last month and sold for about a 5 percent discount to list price. Foreclosures made up about 20 percent of the total sales.