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Housing Prices Up in Fredericksburg

The local increase follows a national trend.

The number of City of Fredericksburg closed home sales and the median price of those sales increased in October 2012, according to RealEstate Business Intelligence (RBI). 

The October 2012 Local Market Index report says the median completed sale price of residential properties in Fredericksburg was $300,000:

  • Up 6.6 percent from September 2012's median sold price of $281,500;
  • Up 42.5 percent from October 2011's median sold price of $210,250. 
  • The five-year October median sold price is $239,100.

The number of closed sales was also up in October, to a total of 19 residential properites sold. 

  • That is up 26.7 percent from September 2012, which saw 15 closed sales.  
  • It is an increase of 5.6 percent over October 2011, which had 18 closed sales.
  • The five-year October average is 17 residential properties sold.

Residential properties as defined by RBI include condos, co-ops, townhouses and detached homes.

The upward numbers reflect a nationwide housing market trend, reported by the National Association of Home Builders (NAHB) on November 19.

"Builder confidence in the market for newly built, single-family homes posted a solid, five-point gain to 46 on the NAHB/Wells Fargo Housing Market Index (HMI) for November," NAHB reported in a press release. "This marks the seventh consecutive monthly gain in the confidence gauge and brings it to its highest point since May of 2006," NAHB said.

NAHB Chief Economist David Crowe said the HMI was at 19 a year ago. “While our confidence gauge has yet to breach the 50 mark — at which point an equal number of builders view sales conditions as good versus poor — we have certainly made substantial progress since this time last year,” Crowe said.

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