Mixed bag for Rapp real estate in third quarter

Rappahannock County land transactions rose 25 percent and residential transactions were down 8 percent for the third quarter of 2017 when compared to last year.

All told, 23 residential properties sold countywide in the third quarter of 2017 compared to 25 properties in the same quarter of 2016, according to an analysis by Adam Beroza, vice president of sales and marketing for Cheri Woodard Realty in Sperryville.

But year to date, residential transactions are up an impressive 46 percent in the county.

“The majority of the growth is in the $250,000 to $500,000 range, although there have been four sales over $1,000,000 which closed this year,” notes Beroza. “The sales over $1,000,000 include Chester Gap Winery and The Foster Harris House, which could both be considered commercial transactions.”

There are approximately 115 homes for sale right now in Rappahannock County, which is about a 17-month supply based on the last five years of sales. Forty-four homes were listed in the last quarter, as compared to 52 the third quarter of 2016.

For all Rappahannock homes on the market, the average list price is $654,558 with an average of 257 days on market. Year to date, homes are selling 4.7 percent below list price.

As for county land sales, 10 properties sold in the third quarter of 2017 as compared to eight properties in the third quarter of 2016.

Year to date, land sales are also strong — up 52 percent. Unlike the first two quarters no lots under 5 acres sold in the third quarter.

Area wide, the number of real estate transactions in the heart of the Piedmont — Rappahannock, Fauquier, Culpeper, Madison — were down 5 percent for the third quarter of 2017 as compared to the third quarter of 2016. Both residential and land transactions were down for the quarter.

In Fauquier, land sales were down 27 percent and home sales were down 1 percent. Madison had the largest slow down with land and home transactions, down 33 percent and 35 percent respectively. In Culpeper, land transactions were up 13 percent while home sales were flat. Year to date, sales in the Piedmont are flat compared to the first three quarters of 2016.

All data, according to Beroza, is reported from MRIS. Any transactions not closed through MRIS are not included in his analysis except for one land sale in 2017, which is included.

About John McCaslin 400 Articles
John McCaslin is the editor of the Rappahannock News. Email him at editor@rappnews.com.