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February 8, 2022

Median home sale price here up 18 percent in year

Fauquier homes sold in December remained on the market just 23 days compared to 47 days a year earlier.
A decline in home sales in December . . . was more likely due to limited inventory rather than a drop in demand. Lack of inventory is still a challenge and that lack of inventory continues to apply upward pressure on housing prices.
— Terrie Owens, Greater Piedmont Realtors president
The median price of Fauquier homes sold in December increased 18 percent from a year earlier — to $531,000, according to the latest monthly market report from Greater Piedmont Realtors, the regional trade association.

But, the 118 homes sold here in December represent a 9 percent decline from the same month of 2020, when 130 sold.

New listings continued to sell quickly, averaging 23 days on the market, versus 47 days a year earlier, a decline of 52 percent.

“A decline in home sales in December . . . was more likely due to limited inventory rather than a drop in demand,” GPR President Terrie Owens said. “Lack of inventory is still a challenge and that lack of inventory continues to apply upward pressure on housing prices.”

New listings in Fauquier rose slightly to 75 in December from 69 a year earlier.

But, total active listings fell 43 percent in December to 81 versus 143 in the same month of 2020.

That left the Fauquier market with less than a month’s worth of inventory, down 44 percent year-over-year.

Based in Warrenton, GPR represents approximately 700 Realtors in Fauquier, Culpeper, Rappahannock and Madison counties.
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