Rappahannock County – Fauquier County – Madison County – Culpeper County
The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) decreased 5% for the second quarter of 2018 as compared to the second quarter of 2017. Residential transactions decreased 7% while land transactions increased 17%.
Similar to the first quarter, Rappahannock was the slowest market with land transactions decreasing 50% and residential transactions decreasing 14% for the second quarter. Residential transactions in Fauquier decreased by 10% while land transactions were up 10%. In Madison County, both residential and land transactions were up 18% and 86% respectively. Please note the 86% increase in land transactions was only 6 additional sales. Culpeper County saw a 4% decrease in residential sales and a 57% (8 transactions) increase in land sales.
Home Sales
226 homes sold in the second quarter of 2018 as compared to 235 in the second quarter of 2017 which was a 4% decrease. Year to date, Culpeper residential sales were down 2% for the year. It is worth noting that Culpeper had its first sale over a million dollars since September 2016.
On average, homes are selling 1.1% below list price. There are currently 379 homes for sale in Culpeper County, which is about a seven-month supply. The current average list price is $502,197 with an average of 86 days on market.
Land Sales Report
22 lots sold in Culpeper this quarter as compared to 14 in the second quarter of 2017. Land transactions were up 14% year to date.
On average, about 76 lots sell each year in Culpeper. There are currently 222 lots on the market, which is about a three-year supply.
Click Here to view a complete list of everything sold in April – June 2018.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County
Review the Q1 2018 Market Trends Report for Culpeper