Q1-2018 Rappahannock Market Trends Report

Rappahannock County – Fauquier County  – Madison CountyCulpeper County

The number of real estate transactions in the Heart of the Piedmont (Rappahannock, Fauquier, Culpeper, Madison) increased 4% for the first quarter of 2018 as compared to the first quarter of 2017. Both residential and land transactions increased in the quarter.

Fauquier was the only county that had consistent growth with an increase of 31% in land transactions and 13% in the number of home sales. Rappahannock was the slowest with land transactions decreasing 42% and residential transactions decreasing 19% for the first quarter.  In Madison County, land transactions increased 18% while the number of home sales decreased 21%. In Culpeper, land transactions were decreased 10% while the number of home sales were up 1%.

Home Sales

Seventeen residential properties sold in the first quarter of 2018 compared to twenty-one residential properties in the same quarter of 2017. Year-to-date, transactions are down 14% although that represents only 4 sales. The majority of the decrease is in the $250,000 to $500,000 range which is down 53%.

The chart below shows transactions and sales by price range.

There are currently 85 homes for sale in Rappahannock County which is about a 12-month supply based on the last five years sales. The last time inventory was this low was in February of 2015. Eighteen homes were listed in the quarter as compared to 46 in the first quarter of 2017.

The average list price for all homes on the market is $875,178 and the average days on market is 388.  Year to date, homes are selling 7% below list price.

Land Sales Report

Seven properties sold in the first quarter of 2018 as compared to twelve properties in the first quarter of 2017. Land sales are down 42%. No lots over 50 acres have sold so far in 2018.

There are currently 58 lots on the market which is roughly a two-year supply. Please keep in mind there is a lot of variability in terms of features and desirability within each acreage segment.

 

Click Here to view a complete list of everything sold in January – March 2018.

Review other Market Trends Reports: Rappahannock County – Fauquier County  – Madison CountyCulpeper County

Review the 2017 Market Trends Report for Rappahannock

All data is reported from MRIS. Any transactions not closed through MRIS are not included here.