Q1-2018 Madison Market Trends Report

Rappahannock County – Fauquier County  – Madison County – Culpeper County

The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) increased 4% for the first quarter of 2018 as compared to the first quarter of 2017. Both residential and land transactions increased in the quarter.

Fauquier was the only county that had consistent growth with an increase of 31% in land transactions and 13% in the number of home sales. Rappahannock was the slowest with land transactions decreasing 42% and residential transactions decreasing 19% for the first quarter.  In Madison County, land transactions increased 18% while the number of home sales decreased 21%. In Culpeper, land transactions were decreased 10% while the number of home sales were up 1%.

Home Sales

For the first quarter of 2018, residential sales were essentially flat with the first quarter of 2017. There was a dramatic shift in the price point of properties with more properties selling over

$250,000. This is part of a longer-term trend of the increase in sales of higher priced properties in Culpeper County.

On average, homes are selling 1% below list price. There are currently 374 homes for sale in Culpeper County, which is about a six-month supply. The current average list price is $511,023 with an average of 106 days on market.

Land Sales

26 lots sold in Culpeper this quarter as compared to 29 in the first quarter of 2017. Land transactions are down 10%.

On average, about 76 lots sell each year in Culpeper. There are currently 216 lots on the market, which is about a three-year supply.

Click Here to view a complete list of everything sold from January – March 2018. Please note: this includes commercial and multi-family property sales.

Review other Market Trends Reports: Rappahannock County – Fauquier County  – Madison County – Culpeper County

Review the 2017 Market Trends Report for Madison

All data is reported from MRIS. Any transactions not closed through MRIS are not included here.