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Home Prices and Home Values in Fredericksburg Va May 2014

By Barbara Jennings

Real Estate Agent with Engel & Voelkers|The Jennings Team 0225179074

June 13, 2014 04:45 AM

Home Prices in Fredericksburg VA for May 2014

Real estate market data for Fredericksburg, VA provided by Barbara Jennings of Keller Williams Realty.

Fredericksburg Home Prices

We have seen 11 straight months of listing price increases on home prices in Fredericksburg and don’t expect things to slow down anytime soon. If you are considering buying a home you can still find deals on a house in Fredericksburg but having a good real estate agent who understands the market is a must. Don’t wait on the sidelines for too long, many of our listings are starting to sell within a few days of hitting the market. As you can see from the graph below, listings are not selling exactly for asking price. To make sure you don't overpay for your home, you'll want to have an agent that does a thorough market analysis of the Fredericklsburg home on which you are making an offer.

If you are interested in how much current inventory is on the market in Fredericksburg you can find that information by clicking on the link. High inventory will suggest that homes are sitting on the market for longer. Currently in this area of Fredericksburg, homes have a median time of 66 days on the market before they sell. This would suggest that buyers are in a great position to make an aggresive offer on a home. Sellers should make sure to price their home near the market value if they expect to get an offer from one of those interested buyers. Low inventory in Fredericksburg has multiple offers coming in on homes similar to what we saw back in 2007. I wouldn't expect home prices to run up quite as fast as they did back then as banks have gotten a lot stricter on lending guidelines and are no longer giving a loan to anyone with a pulse. But low inventory is one indicator that prices should continue to rise. Out of the 83 that Sold this month were 40 conventional loans this may be becuase of the MI that is required for the life of the FHA loans now. Buyers are looking at the overall picture and the monthly expenses now more then ever.