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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 market rebounds in March

The Fredericksburg-area housing market rallied in March, with sales and prices rising from the months and year prior.

The median sales price for local homes sold through the Multiple Listing Service in March was $247,652, up 13.1 percent year-over-year and the highest number thus far in 2014.

There were 350 sales through the MLS, up 8.4 percent from March 2013. About 37 percent of the homes were purchased using conventional financing.

There was about a five-month supply of homes available at the end of March, according to the Metropolitan Regional Information Systems Inc. data released Thursday. That’s generally considered a healthy balance between supply and demand.

Homes spent 86 days on the market on average in March and sold for about a 5.5 percent discount to list price.

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