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
40 residential properties sold in the second quarter of 2018 as compared to 34 the same time period last year. Year to date, the Madison residential market was up 2%.
On average, homes are selling 3.4% below list price. There are currently 92 homes for sale in Madison County which is about a nine-month supply. The average list price is $553,471 with an average of 151 days on market.
Land Sales Report
Thirteen parcels sold in the second quarter of 2018 as compared to seven in the second quarter of last year.
On average, about 33 lots sell each year in Madison. There are currently 115 lots on the market, which is more than a three-year supply.
Click Here to view a complete list of everything sold in April – June 2018.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the Q1 2018 Market Trends Report for Madison