Rappahannock is hot
It’s been quite a year for real estate in Rappahannock County, as revealed in the 2020 Market Trends Report from Cheri Woodard Realty.
Key “residential” market indicators nd 134 transactions in 2020 compared to 99 in 2019, an increase of 35%. The average home sales price increased 23% to $499,376 from $405,320. Average days on market for properties sold was 101 compared to 133, a decrease of 22%. There was a monthly average of 81 homes on the market in 2020 compared to 94 in 2019, a decrease of 14%. On average, homes sold for 96.5% of the list price as compared to 96.2%, an increase of 0.3%.
Meanwhile, 47 properties sold in the 4th quarter of 2020, compared to 21 properties in 2019. There are currently 47 residential properties for sale in
the county, with 30% of the available inventory (14 properties) currently under contract. The average list price of residential listings in Rappahannock County is $1.18 million.
Turning to key “land and farm” market indicators, there were 49 transactions in 2020 compared to 26 in 2019, an increase of 88%. The price per acre for raw land over 25 acres decreased 7% from $6,313 to $5,891. Average days on market was 183 compared to 237, a decrease of 23%. There was an average of 70 properties on the market every month compared to 74 in 2019. Land and farms sold for 93% of the list price as compared to 94% in 2019, a decrease of 1%.
Otherwise, there were 14 land and farm transactions in the 4th quarter of 2020, compared to 7 in 2019. There are currently 60 lots for sale in the county.