Rappahannock County – Fauquier County – Madison County – Culpeper County
The heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) continues to be a strong market though growth did slow recently. Year to date, the number of transactions is up 12% over prior year and the dollar volume of sales is up 16%.
Looking at land and residential sales seperately, for the entire region, the number of residential transactions is up 13% compared to last year. The average home price has increased by 3% to $355,165. The number of land sales is up 37% and the average price per acre has increased by 12%. Commercial transactions are up significantly (10 more than prior year all of which closed in the third quarter).
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.
On a county by county basis, the results are a little more mixed though generally strong. Year to date, Rappahannock, the smallest of the markets, has had 6 fewer (11%) residential transactions, land sales have increased 50% (7 transactions). Fauquier County is up 9% in residential transactions and 52% in land transactions while Madison is up 30% in residential and up 17% in land (a significant increase from the first two quarters). Culpeper is up 10% and down 4% in residential and land transactions respectively.
Fauquier Home Sales
294 residential properties sold in the third quarter of 2016 as compared to 307 for the same time period 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 14% compared to the prior year. The growth is mostly in the mid segments of the market between $250,000 and $1,000,000.
On average, homes are selling 4% below list price. There are currently 653 homes for sale in Fauquier County which is about an eight-month supply. The average list price is $827,042 with an average of 166 days on market.
Fauquier Land Sales
For the quarter, 33 lots sold as compared to 32 lots the prior year.
On average, about 85 lots sell each year in Fauquier. There are currently 289 lots on the market, which is more than a three-year supply. Year to date, the land market in Fauquier is up 52% in transactions and sales are up 68.
Of the 284 lots currently on the market, the average price/acre is $15,067. Small lots (under five acres) are asking over $90,000/acre while large lots, which trend to the mean, average $12,060/acre. It is worth noting that the actual $/acre for small lots is $42,733 and for large lots it is $11,270.
Click Here to view a complete list of everything sold in July – Sep 2016. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Madison County – Culpeper County
Review the Q2 Market Trends Report for Fauquier.