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%.
Culpeper Home Sales
731 residential properties sold in 2016, an 8% increase over 2015. All of the growth was in the middle segment between $250,000 and $500,000 It is worth highlighting that for the first time in the last eight years, more homes sold above $250,000 than below. Historically about 1/3 of the sales in Culpeper County are below $250,000 so this is a dramatic increase. In the last two years, this segment accounted for 47% and 53% of the overall market respectively. The average sales price has followed this trend; in 2015 the average home was $269,874 and in 2016 increased to $277,739.
The chart below shows cumulative sales for the year by price range. The number of transactions in the introductory segment decreased 4%. In our opinion, this is a function of buyers trading up and less desirable inventory in the lower end of the market. With only 23 transactions over $500,000, the upper segments of the market are virtually non-existent. There was only one sale over $1,000,000.
On average, homes are selling 2% below list price. There are currently 335 homes for sale in Culpeper County which is about a six month supply. The average list price is $337,107 with an average of 143 days on market.
Culpeper Land Sales
On average, about 70 lots sell each year in Culpeper. There are currently 223 lots on the market, which is more than a three-year supply. For the year, land transactions were down 6%.
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 – Fauquier County – Madison County
