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).
Madison Home Sales
12 parcels sold in the third quarter ($2.5 million) as compared to 7 ($0.6 million) last year. On average, about 29 lots sell each year in Madison. There are currently 116 lots on the market, which is more than a four-year supply.
Of the 122 lots currently on the market, the average price/acre is $9,175. Lots under five acres are asking over $48,000/acre while larger lots (over 25 acres) average $6,516/acre. Actual sell prices for small lots are considerably lower with an average of $17,205/acre. Large lots averaged $6,881/acre.
Click Here to view a complete list of everything sold year to date. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock – Fauquier County– Culpeper County
Review the Q2 Market Trends Report for Madison
