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.
Fauquier Home Sales
176 residential properties sold in the first quarter of 2017 as compared to 197 for the same time period last year. Overall transactions are down 10%. The decrease is mostly in lower priced homes. The number of transactions in homes priced under $250,000 is down 27% and homes priced between $250,000 and $500,000 are down 8%. Like Rappahannock, sales of home priced over $1,000,000 are up 67%.
On average, homes are selling 3% below list price. There are currently 632 homes for sale in Fauquier County which is about an eight month supply. The average list price is $821,254 with an average of 114 days on market.
Fauquier Land Sales
Land sales were relatively flat for the quarter; 29 lots sold this year compared to 25 last year.
Click Here to view a complete list of everything sold in Jan – Mar 2017. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Madison County – Culpeper County
Review the 2016 Market Trends Report for Fauquier.