Fredericksburg has officially turned into another red-hot housing market. In fact, Redfin recently declared the locale very competitive, due to its lofty Compete Score of 78 out of 100.
On the ground, sellers are receiving multiple offers plus waived contingencies, making this housing market a sellers’ playfield. There’s no doubt about it – sellers are definitely getting the upper hand here.
If you’re looking to buy, sell, or manage in a market like this, you’ll need to study some crucial information about the current real estate scene in Fredericksburg. Luckily, we’ve gathered all the basics to help you get started today:
Fredericksburg proper is a fantastic place for owners and renters alike. There are plenty of small restaurants, stores, and retailers to explore, no matter your tastes or preferences. Plus, many residents don’t even need a car to get around. After all, the city is both walkable and beautiful
Fredericksburg, Virginia, isn’t short on history, either. The city was established in the early 1700s, and some of its most picturesque, historic streets are still named for British royals.
Moreover, Fredericksburg’s popular entertainment options, including kayak rides and horse-drawn carriages, keep residents highly entertained. It’s also a college town, so you know that food, drink, and fun are never far.
While living or investing in Fredericksburg does come with an array of advantages, keep in mind that inventory is extremely low. While sellers may find quick success, buyers will likely face an uphill battle.
Here are some additional key stats you should consider if planning to invest in Fredericksburg:
US News gave Fredericksburg city an overall score of 59 for their economy. This means that while there is room for improvement, the local economy is relatively healthy.
Key indicators include:
It’s also important to note that Greater Fredericksburg is home to a highly educated workforce. The area has diverse economic clusters and also offers lower costs of doing business.
In 2022, the job market in Fredericksburg has grown by 1.9% year-over-year. What’s more, it’s expected that Fredericksburg will achieve a staggering 37.8% growth rate in the next 10 years.
Whether you plan to sell an investment home or go up against local buyers, you’ll likely want to know more about average income. The U.S. average annual income is roughly $28,555 ($53,482 for median household), and Fredericksburg, VA, is not too far behind:
The climate of any given location can significantly impact the housing market. After all, buyers have an increasing focus on various environmental risks and natural hazards when it comes to making a housing decision. Besides, floods, fire, heat risks, and many other environmental conditions can damage houses. A report from Redfin discusses climate;s overall impact on the housing market of Fredericksburg:
Another study shows the potential storm and heat risks in Fredericksburg:
On the other hand, drought and fire risks are fairly low in Fredericksburg:
Records from the past few months indicate the Fredericksburg housing market may begin to normalize. While Fredericksburg does remain a seller’s market, some key housing statistics show signs of cooling. Rising interest rates, extremely high home prices, inflation pressure, and economic uncertainty may all play a part in the recent drops in units sold.
About 208 homes were sold in June 2022, according to Redfin. Last year, though, this number was significantly higher at 341.
Fredericksburg also had a better supply of available homes in the last few months. About 838 homes were listed on the market at the end of May. Last year, that number was only 573.
While Fredericksburg is still considered a seller’s market, the past few months of stats may indicate some coming changes. The good news? That means Fredericksburg may be the ideal market, regardless of your goals.
After all, if you’re planning to sell a Fredericksburg home, you can take advantage of high prices and low inventory. On the other hand, if you’re looking to buy, the changing tides may indicate ample opportunity. And, if you’re looking to manage, Evernest has a team of local, boots-on-the-ground professionals who will provide best-in-class care.
Essentially, whatever your real estate needs, take a close look at Fredericksburg, Virginia.
Whether you’re purchasing one Fredericksburg home or one hundred, you don’t have to go it alone.
If you’re ready to buy your first (or next) investment property, here are 3 steps to get started today:
McKenna is an Evernest Content Strategist based in Denver, Colorado. Her expertise spans the real estate and home financing sectors. When not writing, she enjoys picnics, yoga, and antiquing.