Home Prices Keep Rising As Supply Stays Low In Fredericksburg: Report

FREDERICKSBURG, VA — Home prices are still rising in Fredericksburg as inventory remains scarce, the November report from the Fredericksburg Area Association of Realtors (FAAR) said.

The Realtors association releases a market report each month that compares the month's sales activity to the same month a year ago. The November 2023 report compares market indicators from the area to data from November 2022.

"For the month of November, we saw falling interest rates and an increase in buyer activity,” FAAR Board of Directors member Abby Fitzsimmons said in a news release. “Buyers are able to negotiate a bit, especially if sellers are in a situation where they need to sell."

Price rose by 4 percent in November. The median sale price for the Fredericksburg area was $439,900. Sales activity also declined with a 13 percent drop from November 2022.

The number of new home listings in November plummeted by 30 percent. Even with limited inventory, homes are spending more time on the market.

The average home now spends 29 days on the market in the Fredericksburg area.

"On the listing side of things, days on market have increased but home values are holding steady due to a continuous lack of inventory," Fitzsimmons said. "Thanksgiving begins the typical 'holiday season' where the real estate market slows down. If interest rates continue on their downward slope, we will see what December will bring.”

The complete report from the Realtors association is available online.