Madison County Real Estate Market Trends
Q1-2017 Madison Market Trends Report
Rappahannock County – Fauquier County – Madison County – Culpeper County
Real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), were up 4% for the first quarter of 2017. The majority of the growth was in raw land sales, which increased 65% while residential sales were down 3%. The average sale price for residences increased 1%. Commercial and multi-family transactions were flat.
On a county-by-county basis, the results were mixed except in Rappahannock County, which experienced strong increases in both home and land transactions. For the first quarter, Rappahannock had 75% more residential transactions and land transactions increased 140%. Fauquier County was down 11% in residential transactions, but up 16% in land transactions. Madison is down 8% in residential transactions and up 175% in land transactions. Culpeper is up 1% and up 93% in residential and land transactions respectively. With just one quarter of data, trends must be treated with caution because sample sizes are small, particularly in Madison and Rappahannock Counties.
Madison Home Sales
24 residential properties sold in the first quarter of 2017 as compared to 26 last year. While it is early in the year, it is noteworthy that nothing over $500,000 has sold in 2017.
On average, homes are selling 4% below list price. There are currently 93 homes for sale in Madison County which is about a one year supply. The average list price is $ $596,307 with an average of 219 days on market. This high average list price is driven by several properties that are listed at over $2,500,000 each.
Madison Land Sales
11 parcels sold in the first quarter of 2017 as compared to 4 last year. On average, about 29 lots sell each year in Madison. There are currently 101 lots on the market, which is more than a three-year supply.
Click Here to view a complete list of everything sold in the 1st quarter. Please note: this includes commercial and multi-family property sales.
Review the 2016 Market Trends Report for Madison