Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Madison, Culpeper) is slightly up (14%) in residential transaction and significantly up in raw land (20%). Looking at a county by county basis, Rappahannock is significantly down from prior year (37%) in residential transactions, Fauquier is up slightly (8%) while Culpeper and Madison are both up significantly, 25% and 53% respectively. Raw land paints a slightly different story with Rappahannock flat to last year, Fauquier up 85%, Culpeper up 25% and Madison down 60%. However, it is important to remind everyone that most of these markets are quite small and a handful of sales can radically change results.
Madison Home Sales Report
26 residential properties sold in first quarter for a total of $5.2 million compared to 17 properties ($3.1 million) in 2015.
The attached chart shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is up 68% compared to the prior year. This is a significant upswing from prior quarters where only 15 homes sold on average.
It is interesting to note that Madison is relatively more affordable than its neighboring counties. The vast majority of sales are under $250,000 and the average final sale price for the first quarter was $200,188. As a point of comparison, Rappahannock’s average sale price for the first quarter was $477,000; Fauquier was $399,944 and Culpeper was $255,674.
There are currently 127 homes for sales in Madison County which is about a 14 month supply. The average list price is $$619,832 with an average of 230 days on market.
Madison Land Sales Report
With only about 32 transactions annually, you will find that there is still quite a bit of variability in price per acre based on views, water features and location. There are currently 112 lots on the market, which is over a three-year supply. For the quarter, land sales were well below last year.
Of the 112 lots currently on the market, the average price/acre is $9,799. This obviously varies greatly based on the features of the lot as well as the size of the lot. In general, the smaller the lot, the higher average cost/acre (lots under 5 acres are asking almost $55,000/acre) while large lots trend to the mean. Lots over 25 acres average listing price is $6,791/acre.
Click Here to view a complete list of everything sold in January – March 2016.
Check out our market trends report for Rappahannock, Culpeper and Fauquier Counties.
As always, we hope you find this report informative and interesting. Please let us know if you have any questions concerning the report or the value of your property.
Regards,
Vice President Sales & Marketing
Cheri Woodard Realty
