Rappahannock County – Fauquier County – Madison County – Culpeper County
The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) were down 5% for the third quarter of 2017 as compared to the third quarter of 2016. Both residential and land transactions were down for the quarter.
In Rappahannock, land transactions were up 25% and residential transactions were down 8% for the third quarter. In Fauquier, land sales were down 27%, and home sales were down 1%. Madison had the largest slow down with land and home transactions down 33% and 35% respectively. In Culpeper, land transactions were up 13% while home sales were flat. Year to date, sales in the Heart of the Piedmont are flat compared to the first three quarters of 2016.
Fauquier Home Sales
300 residential properties sold in the third quarter of 2017 as compared to 303 for the same period last year. For the quarter, homes priced under $250,000 were down 26% (similar to the first quarter). Homes between $250,000 and $500,000 were down 6% which has been consistent throughout the year. The only growth was in the $1,000,000 market which had 5 sales for the quarter as compared to three for the prior year’s quarter.
Year to date, transactions are almost flat. Homes under $250,000 are down 10% and homes between $250,000 and $500,000 are down 7%. Homes between $500,000 and $1,000,000 are up 27% and homes over $1,000,000 are up 92%.
On average, homes are selling 3% below list price. There are currently 674 homes for sale in Fauquier County which is about an eight-month supply. The average list price is $785,034 with an average of 147 days on market.
Fauquier Land Sales
Land sales were down 27% for the quarter; 24 lots sold this year compared to 33 last year. Year to date, the number of land transaction is down 12%.
Over the last 5 years, about 95 lots sell each year in Fauquier. There are currently 245 lots on the market, which is about a 2 ½ year supply.
Click Here to view a complete list of everything sold in July – September 2017. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Madison County – Culpeper County
Review the Q2 2017 Market Trends Report for Fauquier
