Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Culpeper, Madison) remains strong and the year over year growth that we reported at the end of the first quarter has continued. For the first quarter transaction and sales were up 15% and 11% respectively. The second quarter was even strong with transactions up 21% and sales up 33%. Year to date, transactions are up 18% over prior year and sales are up 25%.
Looking at each segment individually, residential transactions are up 17% and the average home price has increased by 5% ($17,099). Similarly, land sales are up 42% (though that is only 36 more sales) and the average price per acre has increased by 19%. Commercial transactions are flat for the year. While the general trends are interesting, it is important to remember that each market is quite small and a handful of sales can dramatically effect the overall averages.
Madison Home Sales
52 residential properties sold in the second quarter of 2016 ($13 million) as compared to 32 ($7.3 million) last year. The chart below shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is up 59% compared to the prior year. The growth is almost entirely in homes priced under $250,000.
On average, homes are selling 5% below list price. There are currently 119 homes for sale in Madison County which is about a 15 month supply. The average list price is $651,977 with an average of 190 days on market.
Madison Land Sales
On average, about 29 lots sell each year in Madison. There are currently 122 lots on the market, which is more than a four-year supply. For the quarter, land transactions were flat (16 this year compared to 15 last year), but total dollars were down by 46%.
Of the 122 lots currently on the market, the average price/acre is $9,326. Lots under five acres are asking over $48,000/acre while larger lots (over 25 acres) average $6,654/acre.
Click Here to view a complete list of everything sold year to date. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock – Fauquier County– Culpeper County
Review the Q1 Market Trends Report for Madison
