Rappahannock County – Fauquier County – Madison County – Culpeper County
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n the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), 2016 was the best real estate market in the last eight years. With increased sales of homes, land and commercial property, the number of transactions were up 9% and dollar sales were up 10% as compared to 2015.
Madison County had the largest growth in the number of residential transactions (up 22%) although total sales were up only 10%. This is a function of more lower priced properties selling. Fauquier and Culpeper Counties were up 8% and 7% respectively in the number of transactions with a corresponding growth in total dollar sales. Rappahannock actually had fewer residential transactions than the prior year, but total dollar sales were up 6%.
In aggregate, raw land transactions were also up for the year. Rappahannock and Fauquier were up 74% and 41% respectively. Madison was flat for the year while Culpeper was down 6%.
Madison Home Sales
139 residential properties sold in 2016, a 22% increase over 2015. The majority of the growth was in the lower end of the market (under $250,000) which saw a 31% increase in the number of transactions. This segment is usually around 75% of the Madison real estate market.
All of the other segments were flat compared to 2015.
Similar to Culpeper, there is virtually no market for properties over $500,000. The chart below shows cumulative sales for the year by price range.
On average, homes are selling 5% below list price. There are currently 92 homes for sale in Madison County which is about a one year supply. The average list price is $690,647 which is driven by several large listings including a $12 million property on Hoover Road with an average of 256 days on market.
Madison Land Sales
34 lots sold in 2016, which is the same as 2015. There was a decrease in the total number of acres sold in Madison County which is why the dollar volume of sales decreased 12%. The average price per acre was up, but with such a small number of transactions it is unclear if this is a sustainable trend.
There are currently 102 lots on the market, which is more than a three-year supply.
Click Here to view a complete list of everything sold in the 2016.
Review other Market Trends Reports: Rappahannock – Fauquier County– Culpeper County
Review the Q3 Market Trends Report for Madison
