- The Fredericksburg regional median home sales price hit a record $490,000 in July, rising 3 percent year-over-year, according to data from the Fredericksburg Area Association of Realtors (FAAR). There were 543 home sales in July, also up 3 percent year-over-year. Homes spent an average of 28 days on the market before receiving a ratified contract. There were 1,226 active listings at the end of July compared to 912 last year.
- “As we’ve seen an influx of inventory available, the conversation with my sellers has shifted,” stated FAAR Board of Director Rachel Flynn. “We are discussing longer days on market to be expected and the need for flexibility and openness as we receive feedback. In addition to the already popular below $500,000 buyer pool, I’ve noticed a rise in buyer activity in the above $500,000 to $650,000 price range. With news from local lenders of a small recent rate drop and talk of lower rates to come in the cooler season, I’ve been answering more incoming questions and inquiries about whether now is the right time to buy. With inventory steady and buyers ramping up, it seems we are going to have a strong fall and winter season in our local real estate market.”
- Here’s locality-by-locality data for July:
- There were 87 homes sold in the past week in the Fredericksburg area, according to FAAR, including five for more than $1 million. Check back weekly for the new list.
- Earl’s True Value Hardware is the focus of this week’s Biz Beat Clips video.
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- Antoine Carey, a Fredericksburg-area entrepreneur and public speaker who was once in prison, is the guest on this week’s edition of the Biz Beat Banter podcast.
- Curry Roberts, who has been president of the Fredericksburg Regional Alliance (FRA) at the University of Mary Washington since 2014, will retire in April.
- Michigan native Brandon Boles was recently named the new CEO of the Rappahannock Area YMCA, overseeing branches in Stafford, Spotsylvania, King George and Caroline counties. He replaces Barney Riley, who retired late last year after serving as CEO for 31 years.
- Dr. Jamee Rodgers has been named as the new CEO of The Community Foundation, succeeding Teri McNally, who retired after a 23-year tenure.
- The Burger King location at 3052 Plank Road in Fredericksburg (across from the Central Park main entrance) has closed. The building is for lease.
- Western wear company Boot Barn is planning to open a store inside the 12,000-square-foot former Party City location at 1280 Carl D. Silver Parkway in Fredericksburg’s Central Park. The company has Virginia stores in Woodbridge, Manassas, Ashland, Leesburg, Colonial Heights, Harrisonburg, Waynesboro, Newport News, Virginia Beach and Roanoke. The Central Park space is currently being renovated, and the store is expected to open in October.
- The Silver Companies are seeking a conditional use permit and proffer amendment from Stafford to build 60 apartments on 13.2 acres at the southwest corner of the intersection of Celebrate Virginia Parkway and Scotts Ford Lane off U.S. 17.
- Southeastern Freight Lines is seeking a rezoning from Stafford to allow for the development of an industrial campus including a cross-dock warehouse facility and supporting accessory uses on 55.5 acres on the south side of Ramoth Church Road about 900 feet west of the intersection with Centreport Parkway near the Stafford Regional Airport.
- The “Write Your Way Home” essay contest opens Friday, with the winner potentially taking ownership of a historic home at 1200 Prince Edward St. in downtown Fredericksburg.
- Fredericksburg Main Street, in partnership with the City of Fredericksburg, will host a public-input session Friday evening to gather community feedback on street closures in Downtown Fredericksburg.
- Littlestoner Holdings LLC purchased the 2,700-square-foot office condos in the First Lady’s Centre at 7947 & 7949 Kings Highway in King George from Expertise Properties LLC for $530,500 as an investment, according to Cushman & Wakefield | Thalhimer, whose agent Jamie Scully helped broker the sale.
Biz Beat Roundup runs every Wednesday morning and includes a roundup of business news from around the Fredericksburg region. Send submissions to: [email protected]
