Q2 2020 Madison Market Trends Report

Rappahannock County – Fauquier County  – Madison County – Culpeper County

Through June 2020, the number of real estate transactions in the Heart of the Piedmont increased 1%
compared to the prior year with 1,213 properties selling in 2020 while 1,205 properties sold in the same time
period in 2019. The total dollar value of real estate sales increased by 9% with $515 million sold in 2020 and
$474 million sold in 2019.
Residential transactions increased in numbers by 1%. On a county by county basis, Fauquier and Rappahannock were up 3% and 2% respectively while Culpeper and Madison declined by 1% and 10%.

Land & Farm transactions decreased by 3%. On a county by county basis, Rappahannock was up 67% while Culpeper, Fauquier and Madison decreased by 2%, 7% and 20% respectively.

Madison Home Sales

KEY RESIDENTIAL MARKET INDICATORS

NUMBER OF TRANSACTIONS There were 55 transactions in 2020 compared to 61 in 2019, a decrease of 10%.
 AVERAGE HOME SALES PRICE The average home sales price increased 18% from $259,931 to $285,435.
AVERAGE DAYS ON MARKET Average days on market for properties sold was 103.
ACTIVE RESIDENTIAL LISTINGS There was a monthly average of 67 homes on the market in 2020 compared to 77 in 2019, a decrease of 14%.
SALES PRICE TO LIST PRICE On average, homes sold for 93% of the list price as compared to 97%, a decrease of 4%.

Twenty-six homes sold in the 2nd quarter of 2020 compared to 40 in the 2nd quarter of 2019.
There are currently 66 residential properties for sale which is about a 7-month supply. The active listings have
an average days on market of 134. The average list price of homes currently on the market is $501,522. Year
to date, homes sold for an average 6.6% below the list price.

2019 RESIDENTIAL TRANSACTIONS
2020 RESIDENTIAL TRANSACTIONS
 

Madison Land & Farm Sales

KEY LAND AND FARM MARKET INDICATORS

NUMBER OF TRANSACTIONS There were 28 transactions in 2020 compared to 35 in 2019, a decrease of 20%.
 AVERAGE PRICE  PER ACRE The price per acre for raw land over 25 acres decreased 10% from $4,950 to $4,458.
AVERAGE DAYS ON MARKET Average days on market for properties sold was 248 compared to 445, a decrease of 44%.
ACTIVE LAND LISTINGS There was an average of 118 properties on the market in 2020 compared to 124 in 2019.
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%.

Sixteen properties sold in the 2nd quarter of 2020 compared to 17 properties in the 2nd quarter of 2019.
There are currently 96 properties for sale which is about a two year supply.

The properties currently on the market have an average days on market of 603.

2019 LAND & FARM TRANSACTIONS BY ACREAGE
2020 LAND & FARM TRANSACTIONS BY ACREAGE

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