Rappahannock County – Fauquier County – Madison County – Culpeper County
The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) were down 5% for the third quarter of 2017 as compared to the third quarter of 2016. Both residential and land transactions were down for the quarter.
In Rappahannock, land transactions were up 25% and residential transactions were down 8% for the third quarter. In Fauquier, land sales were down 27%, and home sales were down 1%. Madison had the largest slow down with land and home transactions down 33% and 35% respectively. In Culpeper, land transactions were up 13% while home sales were flat. Year to date, sales in the Heart of the Piedmont are flat compared to the first three quarters of 2016.
Rappahannock Home Sales
Twenty-three residential properties sold in the third quarter of 2017 compared to twenty-five properties in the same quarter of 2016. Year to date, transactions are up 46%. The majority of the growth is in the $250,000 to $500,000 range although there have been four sales over $1,000,000 which closed this year. The sales over $1,000,000 include Chester Gap Winery and The Foster Harris House, which could both be considered commercial transactions.
The chart below shows transactions and sales by price range.
There are currently 115 homes for sales in Rappahannock County which is about a 17-month supply based on the last five years sales. Forty-four homes were listed in the last quarter (as compared to 52 the 3rd quarter of 2016). For all homes on the market, the average list price is $654,558 with an average of 257 days on market. Year to date, homes are selling 4.7% below list price.
Rappahannock Land Sales
Ten properties sold in the third quarter of 2017 as compared to eight properties in the third quarter of 2016.
Year to date, land sales are up 52%. Unlike the first two quarters no lots under 5 acres sold in the third quarter.
There are currently 65 lots on the market which is roughly a 2.5-year supply. Please keep in mind there is a lot of variability in terms of features and desirability within each acreage segment.
Click Here to view a complete list of everything sold in July – Sep 2017.
Review other Market Trends Reports: Fauquier County – Madison County – Culpeper County
Review the Q2 2017 Market Trends Report for Rappahannock
