Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Culpeper, Madison) remains strong and the year over year growth that we reported at the end of the first quarter has continued. For the first quarter transaction and sales were up 15% and 11% respectively. The second quarter was even strong with transactions up 21% and sales up 33%. Year to date, transactions are up 18% over prior year and sales are up 25%.
Looking at each segment individually, residential transactions are up 17% and the average home price has increased by 5% ($17,099). Similarly, land sales are up 42% (though that is only 36 more sales) and the average price per acre has increased by 19%. Commercial transactions are flat for the year. While the general trends are interesting, it is important to remember that each market is quite small and a handful of sales can dramatically effect the overall averages.
Culpeper Home Sales
222 residential properties sold in the second quarter of 2016 ($62 million) as compared to 204 ($55 million) last year. The chart below shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is up 18% compared to the prior year. The growth is almost entirely in homes priced between $250,000 and $500,000.
On average, homes are selling 2% below list price. There are currently 480 homes for sale in Culpeper County which is about a nine month supply. The average list price is $357,130 with an average of 119 days on market.
Culpeper Land Sales
On average, about 70 lots sell each year in Culpeper. There are currently 235 lots on the market, which is more than a three year supply. For the quarter, land transactions were flat (20 this year compared to 19 last year), but total dollars were up by 33%.
Of the 289 lots currently on the market, the average price/acre is $20,275. Lots under five acres are asking over $51,000/acre while larger lots, which trend to the mean, average $18,927/acre. It is worth highlighting that the actual sales price for these lots are much lower with the average sales price this year of $10,595/acre and $8,540 for large lots.
Click Here to view a complete list of everything sold year to date. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County
Review the Q1 Market Trends Report for Culpeper
