- The local housing market in May posted a record-high median sales price, $489,000, according to data from the Fredericksburg Area Association of Realtors (FAAR). There were 591 local home sales in May, up 3 percent from May 2024. Homes spent an average of 26 days on the market before going to contract. At the end of May, there were 1,143 homes actively listed, a more than 40 percent increase from the year prior and a 2.5-month supply based on sales volume.
- Stafford County’s median sales price of $579,000 was the highest ever and rose 5 percent year-over-year. Stafford has seen its median price jump more than $200,000 in just six years.
- FAAR Board of Director Randy Walther said: “May finally saw the beginning of spring in the Fredericksburg area. Along with better weather, the housing market continued to be strong. While prices have leveled off, they have not retreated to a lower level. However, days on market have increased somewhat and sellers seem to be entering the market with a realistic idea of value. Buyers are finding better loan rates are allowing them to put forth more competitive offers. Our inventory has increased but still has areas that are short of reaching demand. The summer should show the market staying relatively stable.”
- Here are locality-by-locality housing data for the FAAR region:
- There were 113 homes sold last week in the Fredericksburg region, according to FAAR, including a $3.4 million sale on Lake Anna. Check back weekly for the new list.
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The 39,306-square-foot Best Western Hotel at 2205 Plank Road in Fredericksburg sold last month for $4.625 million, according to Fredericksburg’s monthly deed transfer report. The seller was James M. Bowen Company LLC, and the buyer was Warrenton-based Radhey Hotel LLC.
- Rehana’s is re-opening at 104 Wolfe St. in downtown Fredericksburg. The restaurant plans to be open many Fridays, and for brunch on Saturdays and Sundays, according to a Facebook post. The business plans to soon announce plans for a French/European bakery with “scratch-made breads, sandwiches, soups, and drinks to enjoy from early morning through lunch” on weekdays.
- The Fredericksburg Nationals will be sold to an organization that owns more than 40 Minor League Baseball clubs. Diamond Baseball Holdings (DBH) will purchase the team from the Silber family in the coming weeks. DBH already owns 43 of the 120 Minor League Baseball teams that are affiliated with Major League Baseball, according to its website.
- Paul’s Bakery is planning a pop-up event this Sunday for Father’s Day at the former Hardee’s location at 1700 Princess Anne St. in Fredericksburg. The event will run from 10 a.m. until noon.
- The 22,814-square-foot Kenmore Apartments building at 1400 Kenmore Ave. in Fredericksburg sold last month for $4.35 million, according to Fredericksburg’s monthly deed transfer report. The seller was JRC LLC, and the buyer was Spotsylvania-based 1400 Kenmore Apartments LLC.
- The 5,444-square-foot mixed-use building at 710 Caroline St. in Downtown Fredericksburg sold last month for $1.1 million, according to Fredericksburg’s monthly deed transfer report. The seller was Vernon M. Powell Jr., and the buyer was 710 Caroline LLC.
- The 4-acre property at 36 Algrace Blvd. off Garrisonville Road in North Stafford that includes a Tractor Supply Co. store sold last month for $5.76 million, according to Stafford’s monthly deed transfer report. The buyer was VEREIT Real Estate LP, and the seller was ECS Tractor Holdings LLC.
- Honey Pig Korean BBQ will open Wednesday at 3623 Plank Road in Spotsylvania.
- Habit Burger & Grill will open June 18 at 5916 Plank Road in Spotsylvania.
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Fredericksburg Square
The historic Fredericksburg Square property at 525 Caroline St. in Downtown Fredericksburg is set to re-open as an event and wedding venue. Heidi Dimas will open Fredericksburg Square by Dimas Downtown at the 19,000-square-foot building, which longtime restaurateur Luigi Castiglia bought last year for $1.9 million.
- The building at 1600 Princess Anne St. in Fredericksburg that was formerly home to Haley’s Honey Meadery is again up for lease. A restaurant called Mis Ojos Restaurante that had been planned there is no longer moving forward.
- The 13,600-square-foot commercial building at 3447-3453 Fall Hill Ave. in Fredericksburg sold last month for $2.3 million, according to Fredericksburg’s monthly deed transfer report. The seller was Revive Real Estate LLC, and the buyer was JR3 LLC.
- Stafford’s school system last month closed on the purchase of a storage warehouse at 42 Blackjack Road for $2.95 million, according to Stafford’s monthly deed transfer report. The Stafford Board of Supervisors voted in May to approve the purchase.
- Christian Youth Theater is the focus of this week’s Biz Beat Clips video.
- Print Jazz owner Pete Morelewicz is the guest on this week’s edition of the Biz Beat Banter podcast.
- Wagman Heavy Civil Inc. has been issued the contract to replace the Leeland Road bridge over the railroad tracks in Stafford. Construction is expected to start this summer and be completed by 2028. A 22-month detour will be in place starting in spring 2027. The project will allow space for a future third railroad track under the bridge, and preserve space for a future fourth track. The project is part of the Potomac Creek Third Track South project, which will construct about four miles of a third railroad track between the Brooke VRE Station and the Fredericksburg station.
Biz Beat Roundup runs every Wednesday morning and includes a roundup of business news from around the Fredericksburg region. Send submissions to: [email protected]
