From the Fredericksburg Association of Realtors:
The following analysis of the Fredericksburg, Virginia area housing market has been prepared by the Fredericksburg Area Association of REALTORS® based on analysis of brightMLS multiple listing data.
While it’s not a buyer’s market yet, the Fredericksburg-area housing market continues to show indications of normalizing. August still posted very robust market numbers, but that is tempered by rising supply and slight reductions in future demand. Sold dollar volume was still up nearly 29%, coming in at approximately $362 million in August of 2021 compared to $281.3 million last year. The increase was fueled by a nearly 16% jump in units sold, with 755 homes changing hands in August of 2020 compared to 876 this August. Median price held steady from July at $390,000, representing a more than 11% year-over-year price increase from August 2020’s level of $350,000.
Many market indicators are not captured in the transaction details of a home sale. It was common during the most intense months of buyer demand to see waiving of home inspections and agreements to bring cash when appraisals came in low. Those practices seem to be ebbing with the slowing market. “While the market continues to be positive for sellers, I’m seeing more homes staying on the market longer and appraisals falling short,” states FAAR Board of Director Donna Schmidt. “I am noticing sellers offering concessions and home warranties, which is a plus. August is showing a little lull due to families focusing on …….