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November 2, 2020

Fauquier home sales jump 24 percent in September

File Photo/Lawrence Emerson
In September, Fauquier home sales totaled 135, up 24 percent from the same month last year.
There is an ongoing inventory shortage. We only have 1.9 months of inventory, where a five-plus-month inventory is considered a balanced market.
— Kevin McHaney, Greater Piedmont Realtors president
Despite the COVID-19 pandemic — or, perhaps because of it ¬— Fauquier’s real estate market remains hot.

September home sales in Fauquier totaled 135, up 24 percent from the same month last year, according to Greater Piedmont Realtors, the regional professional association.

Pending sales increased 28 percent to 140 versus 109 in September 2019.

Many buyers have purchased homes here during the pandemic to escape the metropolitan area’s crowds and congestion. Sales in Fauquier started slowly early in the year but picked up considerably during the summer.

September’s median sales price rose to $415,000, up 3 percent from a year earlier.

The median amount of time a Fauquier home remained on the market dropped 68 percent to just 11 days in September.

At month’s end, listings totaled 174 in Fauquier — down 58 percent from a year earlier, when the market had 417 homes for sale.

“Despite the continued economic struggles with the coronavirus nationally, the real estate market continues to be strong,” said GPR President Kevin McHaney. “In our local footprint, there is an ongoing inventory shortage. We only have 1.9 months of inventory, where a five-plus-month inventory is considered a balanced market.

“So, sellers who have been wondering, “is it a good time to sell my house?” the answer is definitely yes,” Mr. McHaney added. “And, be prepared to sell rather quickly as the average house is going under contract in 12 days.”
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