The median price of a home sold in Fauquier County as of July 2022 is approximately 9% higher compared to July 2021, while the number of homes sold has declined 27%, according to a housing market report by the Greater Piedmont REALTORS.
The Greater Piedmont REALTORS, a trade association representing 700 realtors in Fauquier, Culpeper, Rappahannock and Madison counties, recently shared a report highlighting the Fauquier County real estate stats for July 2022 with a comparison to July 2021 that reflects sales activity, median sales price, pending sales, active listings, months of inventory, average days on market and new listings.
According to the report, within the last year, the median home sales price in Fauquier has risen approximately $45,000, from $502,000 to $547,000.
The percentage of inventory went up slightly by 4%, but the number of new listings went down 24%. Sales activity also declined. 106 homes were sold last month. In July 2021, 146 homes were sold across the county.
The average number of days a home stayed on the market before being sold was 17, up from 16 in July 2021.
Greater Piedmont REALTORS President Terrie Owens noted in a press release that “we are experiencing a contracting market and this can be viewed as an opportunity for the buyers that have sat on the sidelines to jump back in the market. They have more houses to see and less competition from other buyers.”
There were 187 home sales in the Greater Piedmont Region in July, 70 fewer than a year ago.
The median sales price across the Greater Piedmont Region last month was $491,000, jumping up $41,000, which is a gain of 9% compared to April 2021.