The number of real estate transactions in the heart of the Piedmont — Rappahannock, Fauquier, Madison and Culpeper counties — decreased 8 percent for the third quarter of 2018 compared to last year (residential transactions down 6 percent and land transactions dropping 25 percent).
That said, Rappahannock County had strong residential sales in the third quarter, with a 35 percent increase (up 3 percent year-to-date), according to Adam Beroza, vice president of sales and marketing for Cheri Woodard Realty in Sperryville.
Land transactions in the county remained soft — down 60 percent for the quarter that ended in September (down 50 percent year-to-date).
All told, 31 residential properties sold in the third quarter compared to 23 residential properties in the same quarter of 2017, a 35 percent increase. The year-to-date 3 percent rise compares to a decrease of 14 percent through the first two quarters.
There are currently 110 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 $738,833 and the average days on market is 217. Year to date, homes are selling 7.4 percent below list price.
Four properties sold in the third quarter of this year compared to 10 properties in the third quarter of 2017.
There are currently 62 lots on the market, which is just under a two-year supply.