Rappahannock County – Fauquier County – Madison County – Culpeper County
Real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Madison and Culpeper Counties), were up 4% for the first quarter of 2017. The majority of the growth was in raw land sales, which increased 65% while residential sales were down 3%. The average sale price for residences increased 1%. Commercial and multi-family transactions were flat.
On a county-by-county basis, the results were mixed except in Rappahannock County, which experienced strong increases in both home and land transactions. For the first quarter, Rappahannock had 75% more residential transactions and land transactions increased 140%. Fauquier County was down 11% in residential transactions, but up 16% in land transactions. Madison is down 8% in residential transactions and up 175% in land transactions. Culpeper is up 1% and up 93% in residential and land transactions respectively. With just one quarter of data, trends must be treated with caution because sample sizes are small, particularly in Madison and Rappahannock Counties.
Rappahannock Home Sales
21 residential properties sold in the first quarter of 2017 compared to 12 properties in the first quarter of 2016.
The chart below shows transactions and sales by price range. It is worth noting that we had our first sale over $1,000,000 occurred in January and there are two properties under contract that are listed for over $1,000,000. In all of 2016, there were only two sales over $1,000,000 so 2017 is off to a good start in this price range.
There are currently 96 homes for sales in Rappahannock County which is about a 16 month supply. The average list price is $692,382 with an average of 297 days on market.
Rappahannock Land Sales
Twelve properties sold in the first quarter of 2017 as compared to 5 properties in the first quarter of 2016.
There are currently 63 lots on the market which is roughly a three-year supply. Please keep in mind there is a lot of variability within each acreage segment. For lots over 25 acres, the average price per acre is $4,890 which is lower than historic norms. In general raw land in Rappahannock sells around $7,000/acre, though views and the type of land can greatly affect the final sales price.
Click Here to view a complete list of everything sold in Jan – March 2017.
Review the 2016 Market Trends Report for Rappahannock