Fredericksburg Area Home Prices Rise Due To Coronavirus

CHANTILLY, VA – Median home prices in Fredericksburg rose in April, according to data that shows an upward trend in median sales prices.

The shift can be attributed to the economic shutdown caused by the coronavirus pandemic, which disproportionately affected people in the lower income brackets, forcing them to delay or cancel potential real estate transactions, according to Long & Foster Real Estate.

April had fewer home sales below $300,000 than normal, causing the median price of homes to rise.

The number of homes sold increased across parts of the region, with Caroline County and Fredericksburg County showing an 18 percent rise. Additionally, housing inventory declined throughout the region, with Culpepper County showing the sharpest decrease of 39 percent.

The number of entry-level homes is still lacking in many areas, but single-family homes are still performing much better than townhouses or condos.

The real estate company assures consumers they are not at risk of the foreclosure issue that happened during the 2008 recession.