January — June 2021 compared to January — June 2020
KEY RESIDENTIAL MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 60 transactions in 2021 compared to 44 in 2020, an increase of 36%. |
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AVERAGE HOME SALES PRICE | The average home sales price increased 30% to $567,664 from $435,191. |
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AVERAGE DAYS ON MARKET | Average days on market for properties sold was 59 compared to 135, a decrease of 56%. |
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ACTIVE RESIDENTIAL LISTINGS | There was a monthly average of 60 homes on the market in 2021 compared to 83 in 2020, a decrease of 28%. |
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SALES PRICE TO LIST PRICE | On average, homes sold for 97.5% of the list price as compared to 95.8%, an increase of 2%. |
Thirty nine properties sold in the 2nd quarter of 2021 as compared to 27 properties in the 2nd quarter of 2020.
There are currently 48 residential properties for sale which is about a 7 month supply. (Please note 20 of these properties are currently under contract, but have not closed). The homes currently on the market have an average days on market of 50. The average list price of residential listings is $1,156,624.
| 2020 RESIDENTIAL TRANSACTIONS BY PRICE CATEGORY | 2021 RESIDENTIAL TRANSACTIONS BY PRICE CATEGORY |
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Rappahannock Land & Farm Sales
January — June 2021 compared to January — June 2020
KEY LAND AND FARM MARKET INDICATORS
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NUMBER OF TRANSACTIONS | There were 33 transactions in 2021 compared to 21 in 2020, an increase of 57%. |
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AVERAGE PRICE PER ACRE | The price per acre for raw land over 25 acres increased 3% from $6,659 to $6,852. |
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AVERAGE DAYS ON MARKET | Average days on market for properties sold was 222 compared to 194, an increase of 14%. |
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ACTIVE LAND LISTINGS | There was an average of 60 properties on the market every month compared to 67 in 2020. |
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SALES PRICE TO LIST PRICE | Land and farms sold for 94% of the list price. |
There were 16 land and farm transactions in the second quarter of 2021 compared to 9 in the second quarter of 2020.
There are currently 55 lots for sale, which is about a 17 month supply based on 5 year average sales. (22 of these lots are currently under contract though they haven’t closed). The average days on market for the current lots on the market is 279 days.
| 2020 LAND & FARM TRANSACTIONS BY ACREAGE | 2021 LAND & FARM TRANSACTIONS BY ACREAGE |
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