Rappahannock County – Fauquier County – Madison County – Culpeper County
In aggregate, the overall market (Rappahannock, Fauquier, Madison, Culpeper) is slightly up (14%) in residential transaction and significantly up in raw land (20%). Looking at a county by county basis, Rappahannock is significantly down from prior year (37%) in residential transactions, Fauquier is up slightly (8%) while Culpeper and Madison are both up significantly, 25% and 53% respectively. Raw land paints a slightly different story with Rappahannock flat to last year, Fauquier up 85%, Culpeper up 25% and Madison down 60%. However, it is important to remind everyone that most of these markets are quite small and a handful of sales can radically change results.
Rappahannock Home Sales Report
Twelve residential properties sold in first quarter for a total of $5.7 million compared to nineteen properties ($8.3 million) in 2015.
The attached chart shows cumulative sales for the year by price range. For the year to date, the dollar volume of sales is down 31% compared to the prior year. However, last spring was unusually active. As a point of comparison, in 2012 and 2013 only 12 and 13 properties sold in the first quarter of their respective years.
Continuing the trend from last year, the lower half of the market (under $500,000) continued to be down compared to prior year with sales being almost half of prior year. The $500,000 – $1,000,000 market was relatively flat and while there were no sales over $1,000,000 this is not remarkable due to the small size of sales in this segment.
There are currently 122 homes for sales in Rappahannock County which is about a 1.5 year supply. The average list price is $648,689 with an average of 225 days on market.
Rappahannock Land Sales Report
With only about 25 transactions annually, you will find that there is still quite a bit of variability in price per acre based on views, water features and location. There are currently 80 lots on the market, which is a three-year supply. For the quarter, land sales were flat to last year.
Of the 80 lots currently on the market, the average price/acre is $8,598. This obviously varies greatly based on the features of the lot as well as the size of the lot. In general, the smaller the lot, the higher average cost/acre (lots under 5 acres are asking almost $39,000/acre) while large lots trend to the mean. Lots over 25 acres average listing price is $7,593/acre.
Click Here to view a complete list of everything sold in January – March 2016.
As always, we hope you find this report informative and interesting. Please let us know if you have any questions concerning the report or the value of your property.
Vice President Sales & Marketing
Cheri Woodard Realty