Are home prices in the Fredericksburg/Spotsylvania region up, or down?
Posted: December 6, 2011 Filed under: For Buyers, For Sellers, Foreclosures, General Real Estate, Short Sales Leave a comment »There is a lot of talk about the direction of our local real estate market; is it up or is it down? Well, the answer is a little more complex than a yes or a no, and it is not at all unlike a moving target. For instance, in October of 2011, in Spotsylvania County, Virginia, which is basically the Fredericksburg area, detached homes had an average sales price of $219,422, down 5.79% from an average price of $232,723 one year ago. So, the market is down, right? But wait, there’s more. Attached homes, which in the Fredericksburg area are pretty much townhouses, had an average sales price of $127,422 in November 2011, up 6.29% form an average sales price of $119,886 a year ago.
Quite simply, the question of “is the real estate market up or down?” is not one that has a simple answer, but rather one that warrants more investigation of the statistics, and depends on the type of home you are buying, or the one you are selling.
Kevin McGrath
RE/MAX BRAVO
10401 Courthouse Rd Spotsylvania VA 22553
540-604-1843 (P) kmcgrath@remax.net
Licensed in the Commonwealth of Virginia
