Rappahannock County – Fauquier County – Madison County – Culpeper County
Real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), were up 4% for the first quarter of 2017. The majority of the growth was in raw land sales, which increased 65% while residential sales were down 3%. The average sale price for residences increased 1%. Commercial and multi-family transactions were flat.
On a county-by-county basis, the results were mixed except in Rappahannock County, which experienced strong increases in both home and land transactions. For the first quarter, Rappahannock had 75% more residential transactions and land transactions increased 140%. Fauquier County was down 11% in residential transactions, but up 16% in land transactions. Madison is down 8% in residential transactions and up 175% in land transactions. Culpeper is up 1% and up 93% in residential and land transactions respectively. With just one quarter of data, trends must be treated with caution because sample sizes are small, particularly in Madison and Rappahannock Counties.
Culpeper Home Sales
145 residential properties sold in the first quarter of 2017 as compared to 144 last year. With so few transactions, it is hard to draw too many conclusions, but the middle segment ($250,000 – $500,000) has shown the largest growth. There have been no sales over $1,000,000 which is consistent with Culpeper County historical trends.
On average, homes are selling 2% below list price. There are currently 408 homes for sale in Culpeper County which is about an eight month supply. The average list price is $355,619 with an average of 113 days on market.
Culpeper Land Sales
On average, about 70 lots sell each year in Culpeper. There are currently 205 lots on the market, which is more than a three-year supply. There were 29 land transactions in the first quarter year compared to 15 in the first quarter last year, which is a 93% increase.
Click Here to view a complete list of everything sold from January – March 2017. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County
Review the 2016 Market Trends Report for Culpeper
