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.
Rappahannock Home Sales
KEY RESIDENTIAL MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 17 transactions in 2020 compared to 19 in 2019, a decrease of 11%. |
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AVERAGE HOME SALES PRICE | The average home sales price increased 7% to $408,624 from $383,368. |
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AVERAGE DAYS ON MARKET | Average days on market for properties sold was 191 compared to 159, an increase of 20% |
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ACTIVE RESIDENTIAL LISTINGS | There was a monthly average of 78 homes on the market in the first quarter of 2020 compared to 72 in the first quarter of 2019, an increase of 7%. |
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SALES PRICE TO LIST PRICE | On average, homes sold for 95% of the list price flat with the prior year. |
Seventeen properties sold in the first quarter of 2020 as compared to 19 properties in the first quarter of 2019. With such small numbers it is difficult to draw meaningful trends.
There are currently 74 residential properties for sale which is about an 11 month supply. The homes currently on the market have an average days on market of 191. The average list price of residential listings is $1,057,158 .
| 2019 Q1 RESIDENTIAL TRANSACTIONS | 2020 Q1 RESIDENTIAL TRANSACTIONS |
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Rappahannock Land & Farm Sales
KEY LAND AND FARM MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 11 transactions in the first quarter of 2020 compared to 4 in the first quarter of 2019, an increase of 175%. |
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AVERAGE PRICE PER ACRE | The price per acre for raw land over 25 acres decreased 2% from $6,582 to $6,432. |
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AVERAGE DAYS ON MARKET | Average days on market for properties sold was 248 compared to 213, an increase of 17%. |
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ACTIVE LAND & FARM LISTINGS | There was an average of 59 properties on the market in the first quarter compared to 67 in the first quarter of 2019. |
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SALES PRICE TO LIST PRICE | Land and farms sold for 92% of the list price as compared to 97.7% in 2019, a decrease of 6%. |
There were 11 land and farm transactions in the first quarter of 2020 compared to 4 in the first quarter of 2019.
There are currently 62 lots for sale, which is about a 20 month supply. The average days on market for the current lots on the market is 334 days.
| Q1 2019 LAND & FARM TRANSACTIONS BY ACREAGE | Q1 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