Rappahannock County – Fauquier County – Madison County – Culpeper County
Real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) were virtually flat (down ½%) for the second quarter of 2017 as compared to the second quarter of 2016. Unlike the first quarter, the growth was entirely in residential transactions which increased by 2%. Land transactions were down 21% for the quarter while commercial transactions were down 50%. Year to date, the overall market is up 2%.
Rappahannock continued its strong year with land transactions up 25% and residential transactions up 115% for the second quarter. In Fauquier, land sales were down 17%, but home sales were up 4%. Madison had the largest slow down with land and home transactions down 42% and 37% respectively. In Culpeper, land transactions were down 33%, but home sales were up 3%. Activity remains quite strong in our office and we expect that the strong sales will continue into the third quarter.
Rappahannock Home Sales
Twenty-eight residential properties sold in the second quarter of 2017 compared to 13 properties in the same quarter of 2016. Year to date, transactions are up 96%. The majority of the growth is in the $250,000 to $500,000 range although there were two sales over $1,000,000 which closed this year.
The chart below shows transactions and sales by price range.
There are currently 110 homes for sales in Rappahannock County which is about a 17 month supply based on the last 5 years sales. 67 homes were listed in the last quarter. The average list price is $669,586 with an average of 263 days on market. On average, homes are selling 4% below list price.
Rappahannock Land Sales
Ten properties sold in the second quarter of 2017 as compared to eight properties in the second quarter of 2016.
Year to date, land sales are up 69%. The vast majority of land sales are in smaller lots (under 25 acres) which is unlike historical norms. Over the last 8 years, lots over 25 acres have accounted for 55% of sales, but this year they are only 36%. Since there aren’t many smaller lots available in Rappahannock, I expect sales of larger lots to increase in the latter half of the year.
There are currently 62 lots on the market which is roughly a 32 month supply. Please keep in mind there is a lot of variability within each acreage segment.
Click Here to view a complete list of everything sold in April – June 2017.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the Q1 2017 Market Trends Report for Rappahannock