Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Madison, Culpeper) is slightly up (14%) in residential transaction and significantly up in raw land (20%). Looking at a county by county basis, Rappahannock is significantly down from prior year (37%) in residential transactions, Fauquier is up slightly (8%) while Culpeper and Madison are both up significantly, 25% and 53% respectively. Raw land paints a slightly different story with Rappahannock flat to last year, Fauquier up 85%, Culpeper up 25% and Madison down 60%. However, it is important to remind everyone that most of these markets are quite small and a handful of sales can radically change results.
Culpeper Home Sales Report
142 residential properties sold in first quarter for a total of $36.3 million compared to 114 properties ($29.2 million) in 2015.
The attached chart shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is up 24% compared to the prior year. The vast majority of the growth is in the middle market with homes priced between $250,000 – $500,000. The market for homes greater than $500,000 continues to be very small with nothing sold that was listed over $1,000,000. The average close price for homes sold this quarter was $255,674.
There are currently 453 homes for sales in Culpeper County which is about a 8.5 month supply. This is the only market that we serve that has less than a one year supply. The average list price is $352,909 with an average of 105 days on market.
Culpeper Land Sales Report
With only about 75 transactions annually, you will find that there is still quite a bit of variability in price per acre based on views, water features and location. There are currently 80 lots on the market, which is a three-year supply. For the quarter, land sales were flat to last year.
There are 10 development lots that are currently on the market which skews the average costs. They are priced at between $55,000/acre and $300,000/acre. Focusing on the residential lots, the average price/acre is $9,992. This obviously varies greatly based on the features of the lot as well as the size of the lot. In general, the smaller the lot, the higher average cost/acre (lots under 5 acres are asking almost $47,000/acre) while large lots trend to the mean. Lots over 25 acres average listing price is $7,473/acre.
Click Here to view a complete list of everything sold in January – March 2016.
Check out our market trends report for Rappahannock, Fauquier and Madison Counties.
As always, we hope you find this report informative and interesting. Please let us know if you have any questions concerning the report or the value of your property.
Regards,
Vice President Sales & Marketing
Cheri Woodard Realty
