Rappahannock County – Fauquier County – Madison County – Culpeper County
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n the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), 2016 was the best real estate market in the last eight years. With increased sales of homes, land and commercial property, the number of transactions were up 9% and dollar sales were up 10% as compared to 2015.
Madison County had the largest growth in the number of residential transactions (up 22%) although total sales were up only 10%. This is a function of more lower priced properties selling. Fauquier and Culpeper Counties were up 8% and 7% respectively in the number of transactions with a corresponding growth in total dollar sales. Rappahannock actually had fewer residential transactions than the prior year, but total dollar sales were up 6%.
In aggregate, raw land transactions were also up for the year. Rappahannock and Fauquier were up 74% and 41% respectively. Madison was flat for the year while Culpeper was down 6%.
Fauquier Home Sales
1,068 homes sold in Fauquier County in 2016. This is 7% above 2015, continuing the trend of fairly steady growth since 2011.
Similar to Rappahannock, the middle of the market, homes between $250,000 and $1,000,000, experienced the most growth. The middle segments of the market increased by 9% and 27% respectively, which is considerably above historical averages.
The entry level segment (under $250,000) was down 5% for the year. Historically, this segment averages about 300 sales annually. This decrease is almost exclusively driven by lack of available properties. The $1,000,000 plus market was down compared to last year with only 16 sales, but it is in line with historical averages.
On average, homes are selling 4% below list price. There are currently 486 homes for sale in Fauquier County, which is about a six-month supply. The average list price is $877,737 with an average of 182 days on market.
Fauquier Land Sales
121 lots sold in 2016, which is 41% more than in 2015. The growth was in most segments of the market with the greatest increase in smaller lots (5 – 25 acres). There was also a significant increase in sale of large lots. It is worth highlighting that 2 of the 5 largest lots (and the two most expensive sales) were in scenic easement and cannot be subdivided.
There are currently 228 lots on the market, which is more than a two-year supply.
To see a complete listing of everything that sold this year (by quarter), please click on one of the links below:
January – March Sales
April – June Sale
July – September Sales
October – December Sales
Review other Market Trends Reports: Rappahannock County – Madison County – Culpeper County
Review the Q3 Market Trends Report for Fauquier.