The Long & Foster Market Minute

Focus On: Chancellor and Southern Fredericksburg Housing Market March 2021

Zip Code(s): 22407 and 22408
Units Sold
Active Inventory
Median Sale Price
Days On Market
Up 4%
Vs. Year Ago
Down -66%
Vs. Year Ago
Up 11%
Vs. Year Ago
Down -59%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 153 sold this month in Chancellor and Southern Fredericksburg Real Estate versus 116 last month, an increase of 32%. This month's total units sold was higher than at this time last year, an increase of 4% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 143 units or 66%. The total number of active inventory this March was 75 compared to 218 in March 2020. This month's total of 75 is lower than the previous month's total supply of available inventory of 85, a decrease of 12%.

Median Sale Price
Last March, the median sale price for Chancellor and Southern Fredericksburg Homes was $305,000. This March, the median sale price was $340,000, an increase of 11% or $35,000 compared to last year. The current median sold price is 2% higher than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

New Listings
Current Contracts
Sold Vs. List Price
Months of Supply
Up 2%
Vs. Year Ago
Up 24%
Vs. Year Ago
Up 1.9%
Vs. Year Ago
Down -67%
Vs. Year Ago

Months of Supply
In March, there was 0.5 months of supply available in Chancellor and Southern Fredericksburg, compared to 1.5 in March 2020. That is a decrease of 67% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 212 homes newly listed for sale in Chancellor and Southern Fredericksburg compared to 207 in March 2020, an increase of 2%. There were 201 current contracts pending sale this March compared to 162 a year ago. The number of current contracts is 24% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Chancellor and Southern Fredericksburg was 101.8% of the average list price, which is 1.9% higher than at this time last year.

Days on Market
This month, the average number of days on market was 11, lower than the average last year, which was 27, a decrease of 59%.

The Long & Foster Market Minute Chancellor and Southern Fredericksburg are defined as properties listed in zip code/s 22407 and 22408.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.