Rappahannock County – Fauquier County – Madison County – Culpeper County
The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) increased 4% for the first quarter of 2018 as compared to the first quarter of 2017. Both residential and land transactions increased in the quarter.
Fauquier was the only county that had consistent growth with an increase of 31% in land transactions and 13% in the number of home sales. Rappahannock was the slowest with land transactions decreasing 42% and residential transactions decreasing 19% for the first quarter. In Madison County, land transactions increased 18% while the number of home sales decreased 21%. In Culpeper, land transactions were decreased 10% while the number of home sales were up 1%.
Home Sales
19 residential properties sold in the first quarter of 2018 as compared to 24 last year. The biggest decrease was in homes under $250,000, which had 14 sales in the first quarter compared to 20 for the first quarter of 2017.
On average, homes are selling 2% below list price. There are currently 89 homes for sale in Madison County which is about a nine-month supply. The average list price is $534,138 with an average of 174 days on market.
Land Sales
Thirteen parcels sold in the first quarter of 2018 as compared to eleven in the first quarter of last year. On average, about 33 lots sell each year in Madison. There are currently 129 lots on the market, which is more than a three-year supply.
Click Here to view a complete list of everything sold January – March 2018. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the 2017 Market Trends Report for Culpeper