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.
Madison Home Sales
26 residential properties sold in the third quarter of 2017 as compared to 40 last year. The biggest decrease was in homes in the under $250,000 category, which only had 14 sales in the third quarter compared to 30 for the third quarter of 2016. Year to date, Madison County is down 29% with the bulk of the decrease in the under $250,000 category which is down 37%.
On average, homes are selling 4.5% below list price. There are currently 84 homes for sale in Madison County which is about a nine-month supply. The average list price is $599,308 with an average of 228 days on market. This high average list price is driven by several properties that are listed at over $2,500,000 each.
Madison Land Sales
Eight parcels sold in the third quarter of 2017 as compared to 12 in the third quarter of last year. On average, about 29 lots sell each year in Madison. There are currently 128 lots on the market, which is more than a three-year supply.
Click Here to view a complete list of everything sold July – September 2017. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Fauquier County – Culpeper County
Review the Q2 2017 Market Trends Report for Madison
