The record home sales price in Fredericksburg may soon be broken

These four Fredericksburg homes are all candidates to set a new record for home sales prices in the city. Clockwise from top left: 1401 Washington Ave., 1304 Washington Ave., 1617 Franklin St., 307 Amelia St.

A nearly 20-year-old sales record in the city of Fredericksburg could be surpassed as buyers appear to be finding it easier to pay premium prices for downtown properties.

There are currently two homes for sale in Fredericksburg that could surpass the record-high sale price of $2.75 million in 2006: the homes at 1401 Washington Ave. (listed for $2.999 million) and 307 Amelia St. (listed for $3.695 million).

Two other homes that could soon hit the market could also set new standards: 1304 Washington Ave. (which sold in 2006 for $2.75 million and is the current record holder) and Carl D. Silver’s former home at 1617 Franklin St. List prices for both are not yet clear.

The fact that there could be four homes on the market that could threaten a nearly 20-year-old sales record is indicative of the current state of the high-end downtown housing market.

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According to the Multiple Listing Service (MLS), 77 homes have sold for $1 million or more in Fredericksburg since 2004. Almost half of these sales have occurred since 2021, and a record 13 have occurred so far in 2024. Almost all of the 77 were downtown homes, and some properties on the list have exceeded the $1 million mark more than once.

That trend helped push Fredericksburg’s average sales price to a record high of $615,000 in October, according to data from the Fredericksburg Area Association of Realtors.

Although sales over $1 million have become increasingly common in Fredericksburg, the $2 million mark remains a rarity. There have only been three home sales in Fredericksburg over $2 million since 2004 and none since 2007 (along with 1304 Washington Ave., the other two sales over $2 million were 307 Amelia St. for 2.6 million U.S. dollars in 2006 and 1201 William St. for $2.1 million in 2007).

Selling a home at the top of the market requires a slightly different approach, said Suzy Stone of Lando Massey Real Estate. Stone is the agent for the home at 1401 Washington Ave.

“It really limits your pool of buyers,” she said of premium-priced homes. “You don’t just have to look for buyers in Fredericksburg.”

For example, Stone sent brochures to agents in Northern Virginia who were selling high-end homes, and she was also able to get the home at 1401 Washington featured in the Washington Post. She said some potential buyers from Northern Virginia are attracted to Fredericksburg’s small-town appeal, relatively lower prices and rail access.

Stone believes psychological factors come into play for potential buyers at the top of the market – including a reluctance to pay more for a home than anyone before. But she believes some of that reluctance will ease once some of the more expensive homes sell.

“You just have to find the right buyer who really understands what a special property it is,” she said.

Bill Freehling covers local business for the Fredericksburg Free Press. He can be reached at: (email protected).