2018 Madison Market Trends Report

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%.

Madison Home Sales

KEY RESIDENTIAL MARKET INDICATORS

NUMBER OF TRANSACTIONS There were 116 transactions in 2018 as compared to 93 in 2017, an increase of 25%.
 AVERAGE HOME SALES PRICE The average home sales price decreased 3% to $222,840 from $229,244 in 2017.
AVERAGE DAYS ON MARKET Average days on market in 2018 was 120 compared to 196 in 2017 a decrease of 39%.
ACTIVE RESIDENTIAL LISTINGS An average of 62 homes were on the market each month in 2018 compared to 70 in 2017, a decrease of 11%.
SALES PRICE TO LIST PRICE Homes sold for 96% of list price which was relatively flat to 2017.

Twenty-four properties sold in the 4th quarter of 2018 compared to 18 properties in the 4th quarter of 2017.

There are currently 63 residential properties for sale which is about a 7-month supply. The active listing have an average days on market of 105. The average list price of homes currently on the market is $319,363. In 2018, homes sold for an average 1.6% below the list price.

Madison Land & Farm Sales

KEY LAND AND FARM MARKET INDICATORS

NUMBER OF TRANSACTIONS There were 57 transactions in 2018 compared to 45 in 2017, an increase of 27%.
 AVERAGE PRICE  PER ACRE The price per acre for raw land over 25 acres decreased 29% from $5,987 to $4,248.
AVERAGE DAYS ON MARKET Average days on market in 2018 was 360 as compared to 292 in 2017, an increase of 23%.
ACTIVE LAND LISTINGS An average of 139 parcels were on the market each month in 2018 as compared to 142 in 2017, a decrease of 2%.
SALES PRICE TO LIST PRICE On average, land sold for 91% of its list price in 2018 as compared to 90% in 2017 an increase of 1%.

Fourteen properties sold in the 4th quarter of 2018 compared to 10 properties in the 4th quarter of 2017.

There are currently 116 properties for sale which is about a 39-month supply. The lots currently on the market have an average days on market of 614.

 

 

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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