Q2-2018 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) decreased 5% for the second quarter of 2018 as compared to the second quarter of 2017. Residential transactions decreased 7% while land transactions increased 17%.

Similar to the first quarter, Rappahannock was the slowest market with land transactions decreasing 50% and residential transactions decreasing 14% for the second quarter. Residential transactions in Fauquier decreased by 10% while land transactions were up 10%. In Madison County, both residential and land transactions were up 18% and 86% respectively. Please note the 86% increase in land transactions was only 6 additional sales. Culpeper County saw a 4% decrease in residential sales and a 57% (8 transactions) increase in land sales.

Home Sales

Twenty-five residential properties sold in the second quarter of 2018 compared to twenty-nine residential properties in the same quarter of 2017. Year-to-date, transactions were down 14% although that represents only 7 sales. The majority of the decrease is in the $250,000 to $500,000 range which is down 45%; the rest of the market segments showed year over year growth.  It is worth noting that several properties over $1,000,000 have sold this year which brings the total transaction value for the county above last year even though transactions are down.

There are currently 112 homes for sale in Rappahannock County which is about a 16-month supply based on the last five years sales. The average list price for all homes on the market is $748,918 and the average days on market is 257. Year to date, homes are selling 8.9% below list price.

Land Sales Report

Five properties sold in the second quarter of 2018 as compared to 10 properties in the second quarter of 2017. Land sales were down 45%.

 

There are currently 62 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 April – June 2018.

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

Review the Q1 2018 Market Trends Report for Rappahannock

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