According to the Fredericksburg Area Association of Realtors (FAAR) “More than 32% of the houses sold in 2019 went under contract in 10 days or less” and in 2020 the number of houses buyers will have to choose from is expected to remain low in the Fredericksburg/Stafford market as they’re expected to sell quickly.
“February has become the new spring, according to panelists at the Fredericksburg Area Association of Realtors’ 2020 Vision: FAAR Housing Outlook round-table meeting” featuring seven participants, who included Brokers, Realtors, a builder representative, and a credit union.
Below are a few excerpts from the Feb. 9, 2020 article featured on fredericksburg.com.
- “Local real estate sales grew nearly 21 percent from 2018 to 2019, ending the year with a total $2.324 billion. The market also saw a 3.34 percent year-over-year increase in median price, going from $299,990 in 2018 to $310,000 in 2019. Units sold increased more than 16 percent, finishing out the year at 6,978 compared to 5,997 units sold in 2018, according to FAAR.”
- “2020 is already off to a strong start,” said FAAR President Drew Fristoe. “I personally have clients in the wings, just waiting for the right time to jump into the market.”
- “Last year, houses averaged 42 days on the market before they received a ratified contract. That’s a 42 percent decrease from 2018, when houses averaged 72 days on the market, according to FAAR. And more than 32 percent of the houses sold in 2019 went under contract in 10 days or less. The majority of sales were single family homes with 3 or more bedrooms. That segment made up over 80 percent of the total units sold.”
- “Panelists noted that several areas in the region are expecting rapid growth, including King George County. It still feels rural, but the Dahlgren area has changed so much over the past five years that it’s almost unrecognizable. That area will explode once the two-lane U.S. 301 bridge over the Potomac River is replaced with a four-lane bridge, Taylor said.”
- “Amazon, which has around 400 employees at its new headquarters in Crystal City, is also expected to impact the area as it grows toward its ultimate goal of employing 25,000 people.”
- “Growth is helping to put Fredericksburg on the radar for more businesses, said Carl Braun, a Realtor with Coldwell Banker Commercial Elite Fredericksburg. He said that when he’d mention Fredericksburg at conferences five or six years ago, people thought that he was referring to Frederick, Md. These days, they not only know where Fredericksburg is, but they know its cross streets and traffic counts.”