Rappahannock County – Fauquier County – Madison County – Culpeper County
In the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), 2017 was another strong year. The number of transactions were up 3% and dollar sales were up 6% as compared to 2016. This is on top of an already strong 2016 which was up 9% in transactions and 10% in dollar sales from 2015.
Overall residential transactions were up 2%. On a county by county basis, Rappahannock transactions were up 22% (17 more sales) and Fauquier transactions were up 6% (68 more sales). Culpeper was relatively flat (1 less sale) and Madison was down 26% (37 fewer sales). Looking historically at residential transactions in Madison, the 141 properties sold in 2016 was an outlier and the 104 properties sold in 2017 is about average.
In aggregate, raw land transactions were up 10% for the year. Rappahannock and Culpeper were up 39% and 29% respectively. Madison was flat for the year while Fauquier was down 7%.
Home Sales
735 residential properties sold in 2017 which is almost the same as 2016. Similar to last year, there were more homes that sold above $250,000 than below. Unlike surrounding counties, Culpeper did not have any sales over $1,000,000.
The chart below shows cumulative sales for the year by price range. The under $250,000 segment decreased again (down 12%). The $500,000 – $1,000,000 segment did increase by 59% showing some upward pressure on prices.
On average, homes are selling 2% below list price. There are currently 298 homes for sale in Culpeper County which is about a five-month supply. The average list price is $523,522 with an average of 146 days on market.
Land Sales
On average, about 76 lots sell each year in Culpeper. There are currently 180 lots on the market, which is more than a two-year supply. For the year, land transactions were up 29%.
To see a complete listing of everything that sold in Culpeper County this year (by quarter), please click on one of the links below:
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the Q3 2017 Market Trends Report for Culpeper
Review the 2016 Market Trends Report for Culpeper
