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
1,146 homes sold in Fauquier County in 2017. This is 6% above 2016, continuing the trend of fairly steady growth since 2011.
The largest growth was in homes priced over $500,000 with the $500,000 – $1,000,000 segment growing by 29% and the over $1,000,000 segment growing by 75%.
The entry level segment (under $250,000) was down 3% for the year. It was down 5% in 2016 as well.
On average, homes are selling 3% below list price. There are currently 462 homes for sale in Fauquier County, which is about a five-month supply. The average list price is $875,225 with an average of 173 days on market.
Land Sales
113 lots sold in 2017, which is 7% less than in 2016. There was growth in the 5 – 25 acre and the 25 – 50 acre segments, but decreases in the other segments erased these gains.
There are currently 209 lots on the market, which is about a two-year supply.
To see a complete listing of everything that sold in Fauquier 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 Fauquier
Review the 2016 Market Trends Report for Fauquier
