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No End In Sight to Continued Price Increases
The regional median home price was up again in July, with most localities seeing increases. The median sold price settled at $473,740 this month compared to $462,450 in July of 2023, representing a more than 2% year-over-year increase. Despite persistent high prices, units sold were up nearly 5%, coming in at 527 compared to 502 units sold last July. Total sold dollar volume increased more than 10%, posting approximately $268.4 million in sales for July of 2024 compared to $243.6 million in sales last year.
King George and Spotsylvania counties posted some of their highest median prices on record but prices didn’t scare buyers off as both counties also posted year-over-year increases in units sold. King George County clocked in at nearly $500,000 in median price and saw 8 more sales than the previous year. Spotsylvania County’s median price was nearly $473,000 and saw 28 more home sales than July of 2023.
FAAR Board of Director Abby Fitzsimmons stated, “Typically, July is my least favorite month to list homes in because things seem to sit while everyone is on summer vacation. However, this year with the low inventory, listed homes are getting lots of showings and competitive offers very quickly.” Fitzsimmons is seeing lots of competition in the lower-priced markets, stating that “buyers looking under 500,000 are finding themselves having to move quickly on listings, going in over asking price and waiving home inspections to have a shot at the few houses that are actually available in their price range. I’m also finding that the majority of my buyers are looking for move-in ready. Homes that need work are not being considered like homes that are in great condition right now.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 19% up to 25 days this July compared to 21 days last year.
Inventory was a bright spot in August, increasing nearly 11% and putting active homes above 900 for the first time in nearly two years. New listings were also up, posting a nearly 9% gain from last year with 587 homes hitting the market in July of 2023 compared to 639 this year. New pending sales were virtually unchanged from July of last year, with a slight decline of just one less pending sale coming out of the month than the previous year.
2025 REALTOR® Dues Renewal Information – How to Renew Your Membership
REALTOR® Dues for 2025 ($743.00)
NAR Dues ($201)
Virginia Realtors® Dues ($197)
FAAR dues ($315)
RPAC Fair Share ($30)
Deadlines
December 15: Last day to pay dues without a late fee
December 16-31: $100 late fee assessed
December 31: Last day to pay dues and late fee
January 1: Membership inactive; pay dues and $275 reapplication fee to reinstate membership
Login Information
Login at faarmembers.com/myaccount to pay your dues for FAAR, VR, and NAR.
Click here to look up your username or reset your password if needed. (It is recommended to use your email on file and last name only for look up)
You may see a copy of your paid receipt on the “my order history” section of your account at www.faarmembers.com/my-order-history
For your protection and security, FAAR does not store your credit card data. Thus, we cannot automatically process your payment or accept partial payments.
FAAR Sends Letter to City of Fredericksburg Planning Commission in support of housing affordability
FAAR President Randy Walther sent a letter to the City of Fredericksburg Planning Commission in support of affordable housing efforts. Walther stressed the importance of housing affordability in fostering vibrant, thriving communities. This issue has even more significance as home prices continue to climb amid historic supply shortages. Click the button below to read the letter.
Sample Ballot and Candidate Videos for the 2025 FAAR Board of Directors Slate of Candidates
Slate of Candidates- 2025 Leadership
Electronic Voting begins July 19 at 10 AM and ends September 4 at 9:15 AM
Results will be announced on September 4th at the General Membership Meeting at the FAAR Expo (https://www.faarmembers.com/expo). The results will be communicated to the entire membership September 6.
Here are the candidates for your 2025 Board of Directors:
Officers
| President | Lauren Tate |
| President-Elect | Matthew Rathbun |
| Vice President | Gary Gardiner, Jr. |
| Secretary/Treasurer | Tamar Myers-Moffatt |
| Immediate Past President | Randy Walther |
REALTOR® Director Candidates: Three (3) positions open. You may select up to three (3) on this ballot.
Jennifer Caison
Kristie Cooke
Heather Ferris
Rachel Flynn
Affiliate Director Candidate: One (1) position open. You may select one (1) on this ballot.
Phillip Blake
Matthew Young
Returning Directors
Dawn Curry, term ends December 31, 2025
Denise Smith, term ends December 31, 2025
Meghan Kala, term ends December 31, 2025
From Section 8a. of the Bylaws
“Additional candidates for the offices to be filled may be placed in nomination by signed petition of at least twenty percent* of the REALTOR® members. The petition shall be filed with the Secretary (via Chief Executive Officer pbrowning@faarmembers.com) by August 20, 2024. The Secretary shall send notice of such additional nominations to all REALTOR® members before the election.”
(As of 7/16/2024 there are 1752 REALTOR® members. 350 names are needed to complete the petition requirement and be sent to FAAR by August 20, 2024.)
REALTOR® Members can log in to vote from 7/19 to 9:15 AM on 9/4 at https://vote.electionrunner.com/election/GL3Fs
Your voter ID is your M1(NRDS) number.
Your voter key is your M1(NRDS) number.
Candidate Videos
Regional Home Sales Price Keeps Increasing
The regional median home price was up again in June, with all but one locality in the FAAR footprint seeing increases. The median sold price settled at $474,093 this month compared to $450,000 in June of 2023, representing a more than 5% year-over-year increase. Units sold were down 14%, coming in at 537 compared to 625 units sold last June. Total sold dollar volume was down nearly 12%, posting approximately $271.4 million in sales for June of 2024 compared to $308 million in sales last year.
Orange County posted its highest price on record, coming in at $434,557, a 10% increase from last year. Colonial Beach was the only jurisdiction in the FAAR footprint that did not see a median price increase in July.
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service, increased 11% up to 20 days this June compared to 18 days last year.
Inventory was up slightly this June, finishing out the month with 877 active listings compared to 851 last year, a nearly 3% increase. New listings were down 3% from last year with 652 homes coming on the market in June of 2023 compared to 631 this year. New pending sales were down nearly 4% in the last month, with 542 pending contracts compared to 564 last June.
The regional rental market remains competitive with continued elevated prices. “The rental market is pretty steady,” comments FAAR Board of Director and Property Manager Dawn Josemans. “We continue to see high rents with renewal increases in the triple digits. We were seeing more application competition in the second quarter with it waning a bit recently. Properties are still renting fairly quickly in the moderate rent range with the $3,000-$5,000 per month rentals taking longer to lease up.”
Sean Carpenter headlines the annual FAAR REALTOR® Expo
Sean Carpenter is the former Director of Training and Development for NRT Ohio who has been a licensed REALTOR® with Coldwell Banker King Thompson since 1998. Sean led a successful career in real estate prior to becoming a branch manager in 2003. He loved the training and coaching part of the job and was elevated to the Agent Development role in 2005. During the 11 years in that role, he was the co-creator of the company’s highly regarded Pro Start Academy, and also developed programs such as the Elevation Workshops, Boost Your Business sessions, B.A.S.I.C Training workshops and co-created the Success Track Coaching Program.
Sean has been recognized as one of Inman News 100 Most Influential People in Real Estate (2013), he’s been one of the Swanepoel’s Top 20 Most Influential Social Media Voices in Real Estate since 2016 and was recently added to Homespotter’s Top 100 List and Contactually’s 10 Influencers to Have on Your Radar.
In the summer of 2016, Sean made the decision to retire as the Director of Agent Development and return to his roots in sales in Central Ohio while seeking to expand his public speaking opportunities on a national and global level. Sean’s hope is to educate, motivate and inspire agents to achieve the levels of success they desire as they enter the real estate business and continue to encourage and challenge experienced agents to reach their goals and exceed their wildest expectations in the real estate business and life.
Register now to attend Sean’s two sessions the morning of the FAAR Expo at faarmembers.com/expo! Thank you to our Keynote Sponsor Union Home Mortgage and our Seminar Sponsor Nationwide Mortgage Bankers for helping us bring Sean to you!
It’s GAME ON at the annual FAAR REALTOR® Expo
FAAR REALTOR® Expo
The 2024 FAAR REALTOR® Expo will bring together more than 400 real estate professionals, affiliates and expert speakers at one exciting event! Don’t miss the unique opportunity to take advantage of hot-topic educational classes, meet local real estate service providers, win raffles, prizes & more!
Top 5 Reasons to Attend
- Connect with real estate professionals and service providers
- Educational offerings
- Get up to date on industry trends
- Find business solutions
- Opportunity to win next year’s membership dues
Join us on September 4th at the Fredericksburg Convention Center!
Click the flyer above to see the full schedule!
Do you provide services to REALTORS®?
Interested in participating as a vendor at the 2024 FAAR Expo?
Real Estate related companies (non-REALTOR® firms) can request more information on reserving a booth for the September 4, 2024 FAAR Expo.
FAAR approves state legislative agenda for 2025
FAAR recently approved a suite of issues that comprise the 2025 Legislative Agenda. These are issues that the Public Policy Committee discusses and motions and then the Board approves that impact the real estate industry. These issues are then submitted up to the VAR Public Policy Committee for potential inclusion in their statewide agenda. Check out our agenda by clicking the button below.
Have an issue that you’re concerned about? Submit it through our online portal here.
Clients having trouble getting taxes paid out of escrow?
FAAR has received reports from agents that some property tax payments are seeing delays in being paid by third parties working with mortgage servicers. This can lead to sellers or buyers having to pay the local property taxes for a second time and then receiving a refund or returned check to address the duplicate payment.
While no one is paying double the tax, it does cause stress and confusion for buyers and sellers who think that payment has already been made. If anyone has clients who have experienced this delay, you may want to consider reporting it to the Consumer Financial Protection Bureau (CFPB) which might have an interest in investigating the delays from these third-party vendors. Use the button below to file a complaint with the CFPB.
Local home prices continue to accelerate amid supply shortfall
“The residential real estate market in May 2024 continues to experience moderate price growth, although at a slower pace compared to the rapid increases seen during the pandemic years,” comments FAAR President-Elect Lauren Tate. “This can be attributed to higher mortgage rates, which have tempered buyer demand. Despite this, inventory remains tight in many areas, leading to competitive offer bidding.”
Days on market, the time it takes from when a listing enters the market until it receives a ratified contract and is removed from active status on the multiple listing service increased 11% going from 19 days last May to 21 this year.
Inventory was up a scant 3% from last May with 814 homes for sale at the end of the month compared to 788 last year. New listings plunged nearly 12% with 609 homes coming on the market this May compared to 688 last year. New pendings sales also dipped in May posting an 8% decrease with 614 new ratified contracts on properties versus 668 last year.
Press Releases
No End In Sight to Continued Price Increases
The regional median home price was up again in July, with most localities seeing increases. The median sold price settled at $473,740 this month compared to $462,450 in July of 2023, representing a more than 2% year-over-year increase. Despite persistent high...
Regional Home Sales Price Keeps Increasing
The regional median home price was up again in June, with all but one locality in the FAAR footprint seeing increases. The median sold price settled at $474,093 this month compared to $450,000 in June of 2023, representing a more than 5% year-over-year increase. ...
Local home prices continue to accelerate amid supply shortfall
The Fredericksburg-area housing market continued to march on with the conditions that have been persistent for a long time now: constrained supply, rising prices, and no end in sight. Median price soared to its highest point ever reaching $474,000 this May compared...
Local Housing Market Posts Large Increases in Units Sold
The spring housing market is off to a swift start with April numbers posting considerable increases in units sold and total sold dollar volume coupled with modest price appreciation compared to April of 2023. Median home prices were up 3% from last year, settling at...