Rappahannock County – Fauquier County – Madison County – Culpeper County
In 2018 the number of real estate transactions in the Heart of the Piedmont declined from the previous year, however there were some notable bright spots. The number of transactions decreased by 5% although the total dollar value of real estate sales increased by 1% with $867,572,329 sold in 2018 and $859,127,537 sold in 2017.
Residential transactions decreased in numbers by 5%. On a county by county basis, Rappahannock and Madison transactions increased 5% and 25% respectively while Fauquier declined 8% and Culpeper decreased 5%.
Land & Farm transactions decreased by 5%. On a county by county basis, Fauquier and Madison increased 7% and 27% respectively while Culpeper was decreased 17% and Rappahannock decreased 38%.
Fauquier Home Sales
KEY RESIDENTIAL MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 1,024 transactions in 2018 as compared to 1,114 in 2017, a decrease of 8%. |
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AVERAGE HOME SALES PRICE | The average home sales price increased 4% to $437,785 from $422,576 in 2017. |
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AVERAGE DAYS ON MARKET | Average days on market in 2018 was 77 compared to 79 in 2017, a decrease of 2%. |
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ACTIVE RESIDENTIAL LISTINGS | There was an average of 134 homes on the market each month in 2018 compared to 138 in 2017, a decrease of 3%. |
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SALES PRICE TO LIST PRICE | On average, homes sold for 98.3% of the list price in 2018 compared to 97.7% in 2017, an increase of 1%. |
In the 4th quarter of 2018, 201 properties sold as compared to 269 properties in the 4th quarter of 2017. All segments except for the million dollar plus segment decreased. Seven homes over $1,000,000 sold in the 4th quarter compared to only three in the 4th quarter of 2017. However, for 2018, all segments showed year over year declines.
There are currently 432 residential properties for sale which is about a 5 month supply. The active listings have an average days on market of 284. The average list price of homes currently on the market is $734,373. In 2018, homes sold an average of 1.7% below the list price.
Fauquier Land & Farm Sales
KEY LAND AND FARM MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 166 transactions in 2018 as compared 155 in 2017 a 7% increase. |
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AVERAGE PRICE PER ACRE | Price per acre for raw land over 25 acres increased 13% from $6,989 to $7,921. |
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AVERAGE DAYS ON MARKET | Average days on market in 2018 was 225 as compared to 218 in 2017 an increase of 3%. |
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ACTIVE LAND LISTINGS | An average of 271 parcels were on the market each month in 2018 as compared to 315 in 2017, a decrease of 14%. |
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SALES PRICE TO LIST PRICE | On average, land sold for 91.7% of the list price in 2018 compared to 90.9% in 2017, an increase of 1%. |
Thirty-three properties sold in the 4th quarter of 2018 compared to 40 properties in the 4th quarter of 2017. Dollar sales increased 43% reflecting the sale of several large farms.
There are currently 242 properties for sale which is about a 27 month supply. The lots currently on the market have an average days on market of 347.
View the 2018 Market Trends Report.
View the 2017 Market Trends Report,
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
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