It's been a busy and productive few months since we last updated you on the market.
The For Sale Market is A'Changing!
There are currently 973 Fredericksburg, VA homes for sale. Based on August sold data, this is a 2-month supply of homes for sale. Most experts agree that a 6-month supply is necessary to have a balanced housing market where buyers and sellers get some of what they want in negotiations.
We're definitely trending upward on inventory!
Here's how the inventory breaks down by pricing:
- There are 150 homes available $299,999. and below. 42 have had a price reduction.
- There are 227 homes available $300,000 - 399,999.00. 65 have had a price decrease.
- There are 196 homes available $400,000 - 499,999.00. 47 have had a price reduction.
- There are 148 homes available $500,000 - 599,999.00. 39 have had a price decrease.
- There are 108 homes available $600,000 - 699,999.00. 25 have had a price reduction.
- There are 48 homes available $700,000 - 799,999.00. 15 have had a price decrease.
- There are 27 homes available $800,000 - 899,999.00. 14 have had a price reduction.
- There are 14 homes available $900,000 - 999,999.00. 7 have had a price decrease.
- There are 55 homes available 1 million and above. 13 have had a price reduction.
747 of the 973 homes have been on the market for more than 7 days. From the data above, it's easy to see that price reductions encompass anywhere from 25% - 50% of the listings in a given price range. The Fredericksburg, VA homes for sale market is definitely changing!
However, The Rental Market is Not A'Changing.
There are currently 87 rental homes available in the City of Fredericksburg and the Counties of Caroline, King George, Orange, Spotsylvania, and Stafford. The least expensive detached home with 3 bedrooms and 2 baths is $1495. The least expensive attached home with 3 bedrooms and 2 baths is $1600.
To be approved to rent a home you can expect to:
- offer at least $300.00 more than the listed rent,
- be willing to rent for multiple years,
- have excellent credit,
- and no pets.