2018 Rappahannock Market Trends
2018 Rappahannock Market Trends Report
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
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
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,