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%.
Rappahannock Home Sales
KEY RESIDENTIAL MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 89 transactions in 2018 compared 85 in 2017, an increase of 5%. |
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AVERAGE HOME SALES PRICE | The average home sales price increased 6% to $408,133 from $384,297 in 2017. |
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AVERAGE DAYS ON MARKET | Average days on market in 2018 was 204 compared to 212 in 2017, a decrease of 4%. |
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ACTIVE RESIDENTIAL LISTINGS | There was a monthly average of 84 homes on the market in 2018 compared to 91 in 2017, a decrease of 7%. |
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SALES PRICE TO LIST PRICE | On average, homes sold for 94% of the list price in 2018 as compared to 96% in 2017 a decrease of 2%. |
Twenty-two properties sold in the 4th quarter of 2018 as compared to 21 properties in the 4th quarter of 2017. With such small numbers it is difficult to draw meaningful trends, but it is worth noting that three properties over $1,000,000 sold this year which is a high-water mark for this category in the past 5 years.
There are currently 58 residential properties for sale which is about a 9 month supply. The homes currently on the market have an average days on market of 284. The average list price of residential listings is $750,284. In 2018, homes sold on average 6% below the list price.
Rappahannock Land & Farm Sales
KEY LAND AND FARM MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 34 transactions in 2018 compared to 55 in 2017, which is a 38% decrease. |
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AVERAGE PRICE PER ACRE | The price per acre for raw land over 25 acres increased 17% from $5,461 to $6,370. |
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AVERAGE DAYS ON MARKET | The average days on market increased 20% from 299 to 359 in 2018 |
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ACTIVE LAND LISTINGS | There was an average of 77 lots on the market every month compared to 78 in 2017. |
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SALES PRICE TO LIST PRICE | Land sold for 91% of list price which was the same as 2017. |
There were 10 land transactions in the fourth quarter of 2018 compared to 15 in the fourth quarter of 2017. Although land transactions decreased 33%, total sales increased 8%, reflecting the larger lot sizes sold in 2018.
There are currently 58 lots for sale, which is about an 18-month supply. The average days on market for the current lots on the market is 302 days.
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