Rappahannock County – Fauquier County – Madison County – Culpeper County
Real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Madison, and Culpeper Counties) were virtually flat (down ½%) for the second quarter of 2017 as compared to the second quarter of 2016. Unlike the first quarter, the growth was entirely in residential transactions which increased by 2%. Land transactions were down 21% for the quarter while commercial transactions were down 50%. Year to date, the overall market is up 2%.
Rappahannock continued its strong year with land transactions up 25% and residential transactions up 115% for the second quarter. In Fauquier, land sales were down 17%, but home sales were up 4%. Madison had the largest slow down with land and home transactions down 42% and 37% respectively. In Culpeper, land transactions were down 33%, but home sales were up 3%. Activity remains quite strong in our office and we expect that the strong sales will continue into the third quarter.
Fauquier Home Sales
378 residential properties sold in the second quarter of 2017 as compared to 359 for the same time period last year. Growth was in all segments except for homes priced between $250,000 and $500,000.
Year to date, transactions are flat. Homes under $250,000 rebounded slightly (up 8% for the quarter) though it is still down year over year. Sales of homes between $250,000 and $500,000 were down 8% for the quarter (similar to the 8% decrease in the first quarter). Sales of homes over $500,000 were up 43%.
On average, homes are selling 3% below list price. There are currently 689 homes for sale in Fauquier County which is about an eight month supply. The average list price is $798,714 with an average of 129 days on market.
Fauquier Land Sales
Land sales were down 17% for the quarter; 29 lots sold this year compared to 35 last year. Year to date, the number of land transaction is virtually flat though total acres sold is down quite significantly.
Over the last 5 years, about 95 lots sell each year in Fauquier. There are currently 248 lots on the market, which is about a 2 ½ year supply. 
Click Here to view a complete list of everything sold in April – June 2017. Please note: this includes commercial and multi-family property sales.
Review other Market Trends Reports: Rappahannock County – Madison County – Culpeper County
Review the Q1 2017 Market Trends Report for Fauquier