It is important to note that most of the first quarter sales in the report are the result of contracts that were negotiated and signed in the months of December, 2019 and January and February of 2020 before the Covid 19 Pandemic was on most people’s radar screen.
Although we are still seeing good interest in country properties, it seems certain that the next several quarters in 2020 will experience sales substantially below the corresponding quarters in 2019. Many people cannot or will not make significant financial decisions during a period of great uncertainty.
However, we believe the longer-term outlook for country properties is robust. Interest rates are likely to remain very low for a good while and buyers will be even more motivated by the safety and sanctuary of country properties.
We hope everyone remains safe and healthy.
Rappahannock County – Fauquier County –Madison County – Culpeper County
Through March 2020 the number of real estate transactions in the Heart of the Piedmont increased 23% compared to the prior year with 545 properties selling in 2020 while 442 properties sold in the same time period in 2019. The total dollar value of real estate sales increased by 25% with $217 million sold in 2020 and $173 million sold in 2019.
Residential transactions increased in numbers by 27%. On a county by county basis, Madison, Fauquier, and Culpeper transactions increased 33%, 31% and 25% respectively while Rappahannock decreased 11%.
Land & Farm transactions increased by 3%. On a county by county basis, Rappahannock and Fauquier, increased by 175% and 13% respectively while Madison and Culpeper decreased by 33% and 9% respectively.
Madison Home Sales
KEY RESIDENTIAL MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 28 transactions in 2020 compared to 21 in 2019, an increase of 33%. |
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AVERAGE HOME SALES PRICE | The average home sales price decreased 3% from $276,508 to $269,358. |
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AVERAGE DAYS ON MARKET | Average days on market for properties sold was 121 compared to 81, an increase of 49%. |
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ACTIVE RESIDENTIAL LISTINGS | There was a monthly average of 63 homes on the market in 2020 compared to 68 in 2019, a decrease of 7%. |
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SALES PRICE TO LIST PRICE | On average, homes sold for 97.5% of the list price as compared to 97.1%, an increase of 0.4%. |
Twenty-eight homes sold in the 1st quarter of 2020 compared to 21 in the 1st quarter of 2019.
There are currently 62 residential properties for sale which is about a 6-month supply. The active listings have an average days on market of 134. The average list price of homes currently on the market is $555,495. Year to date, homes sold for an average 2.5% below the list price.
| 2019 RESIDENTIAL TRANSACTIONS | 2020 RESIDENTIAL TRANSACTIONS |
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Madison Land & Farm Sales
KEY LAND AND FARM MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 12 transactions in 2020 compared to 18 in 2019, a decrease of 33%. |
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AVERAGE PRICE PER ACRE | The price per acre for raw land over 25 acres decreased 17% from $5,839 to $4,857. |
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AVERAGE DAYS ON MARKET | Average days on market for properties sold was 215 compared to 479, a decrease of 55%. |
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ACTIVE LAND LISTINGS | There was an average of 114 properties on the market in 2020 compared to 124 in 2019. |
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SALES PRICE TO LIST PRICE | Land and farms sold for 86% of the list price as compared to 89% in 2019, a decrease of 4%. |
Twelve properties sold in the 1st quarter of 2020 compared to 18 properties in the 1st quarter of 2019.
There are currently 120 properties for sale which is about a 30-month supply. The properties currently on the market have an average days on market of 553.
| 2019 LAND & FARM TRANSACTIONS BY ACREAGE |
2020 LAND & FARM TRANSACTIONS BY ACREAGE |
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View the 2019 Market Trends Report.
View the 2018 Market Trends Report.
View the 2017 Market Trends Report,
Review other Market Trends Reports: Rappahannock County – Fauquier County – Madison County – Culpeper County