The number of real estate transactions in the heart of the Piedmont — Rappahannock, Fauquier, Culpeper and Madison — decreased 5 percent for the second quarter of 2018 as compared to 2017, and Rappahannock continues to see the sharpest decrease in activity.
“Similar to the first quarter, Rappahannock was the slowest market, with land transactions decreasing 50 percent and residential transactions decreasing 14 percent for the second quarter,” says Adam Beroza, vice president for sales and marketing with Cheri Woodard Realty in Sperryville.
Then again, the agent points out that when gauging real estate transactions in a county the size of Rappahannock, only a few sales — or lack thereof — can greatly impact percentages.
Specifically in Rappahannock, Beroza says 25 residential properties sold in the second quarter of 2018 compared to 29 residential properties in the same quarter of 2017. Year-to-date, transactions are down 14 percent, although that represents only seven sales. The majority of the decrease is in the $250,000 to $500,000 range, which is down 45 percent; the rest of the market segments showed year-over-year growth.
“It is worth noting that several properties over $1 million have sold this year, which brings the total transaction value for the county above last year, even though transactions are down,” he says.
There are currently 112 homes for sale in Rappahannock County, which is about a 16-month supply based on the last five years of 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 percent below list price.
As for land sales in Rappahannock, 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 percent in the county. There are currently 62 lots on the market in Rappahannock, which is roughly a two-year supply.
Residential transactions in Fauquier decreased by 10 percent, while land transactions were up 10 percent. In Madison County, residential and land transactions were up 18 percent and 86 percent respectively (the 86 percent increase in land transactions was only six additional sales). Culpeper County saw a 4 percent decrease in residential sales and a 57 percent (8 transactions) increase in land sales.