Rappahannock County – Fauquier County – Madison County – Culpeper County
In the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), 2017 was another strong year. The number of transactions were up 3% and dollar sales were up 6% as compared to 2016. This is on top of an already strong 2016 which was up 9% in transactions and 10% in dollar sales from 2015.
Overall residential transactions were up 2%. On a county by county basis, Rappahannock transactions were up 22% (17 more sales) and Fauquier transactions were up 6% (68 more sales). Culpeper was relatively flat (1 less sale) and Madison was down 26% (37 fewer sales). Looking historically at residential transactions in Madison, the 141 properties sold in 2016 was an outlier and the 104 properties sold in 2017 is about average.
In aggregate, raw land transactions were up 10% for the year. Rappahannock and Culpeper were up 39% and 29% respectively. Madison was flat for the year while Fauquier was down 7%.
Home Sales
104 residential properties sold in 2017, a 26% decrease over 2016. Madison had 3 home sales over $1,000,000 which is quite high for the county. In both 2015 and 2016, only one home sold in this range and no homes sold in this range in 2014. All of the other segments were down with the largest decrease in transactions in the under $250,000 range.
It is worth mentioning that last year was an exceptional year for Madison. Over the last 5 years, Madison has averaged 112 residential transactions annually. In light of last year’s exceptional sales, a reversion to the mean is to be expected.
The chart below shows cumulative sales for the year by price range.
On average, homes are selling 5% below list price. There are currently 72 homes for sale in Madison County which is about a seven month supply. The average list price is $626,285 (driven by several large listings) with an average of 245 days on market.
Land Sales
8 properties sold in the 4th quarter of 2017 which is up 33% from the prior year. For the year, 34 lots sold in 2017 which is the same as in 2016.
There are currently 117 lots on the market, which is more than a three-year supply.
To see a complete listing of everything that sold in Madison County this year (by quarter), please click on one of the links below:
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the Q3 2017 Market Trends Report for Madison
Review the 2016 Market Trends Report for Madison
