Rappahannock County – Fauquier County – Madison County – Culpeper County
The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) decreased 5% for the second quarter of 2018 as compared to the second quarter of 2017. Residential transactions decreased 7% while land transactions increased 17%.
Similar to the first quarter, Rappahannock was the slowest market with land transactions decreasing 50% and residential transactions decreasing 14% for the second quarter. Residential transactions in Fauquier decreased by 10% while land transactions were up 10%. In Madison County, both residential and land transactions were up 18% and 86% respectively. Please note the 86% increase in land transactions was only 6 additional sales. Culpeper County saw a 4% decrease in residential sales and a 57% (8 transactions) increase in land sales.
Home Sales
350 residential properties sold in the second quarter of 2018 as compared to 388 for the same period last year. All segments, except for homes priced between $250,000 and $500,000, were down with the greatest decrease in homes under $250,000 which was down 55%. Year to date, residential sales were down 2%.
On average, homes are selling 2% below list price. There are currently 619 homes for sale in Fauquier County which is about a seven-month supply. The average list price is $826,804 with an average of 133 days on market.
Land Sales Report
Land sales were up 3% for the quarter; 30 lots sold this quarter compared to 29 in the same quarter last year. Year to date, land transactions were up 19%.
Over the last 5 years, about 102 lots sell each year in Fauquier. There are currently 211 lots on the market, which is about a 2-year supply
Click Here to view a complete list of everything sold in April – June 2018. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the Q1 2018 Market Trends Report for Fauquier