Rappahannock Real Estate Market Values
Real estate values in Rappahannock County are steadily diverging from neighboring jurisdictions. In general, prices are about to rise due to increased demand and shrinking inventory. Historically, Rappahannock County has maintained a real estate market inventory of approximately 140 to 150 properties on the market at any one time. Since 2017, however, the average inventory has been shrinking, despite a steady stream of new properties coming on to the market. This indicates that demand for Rappahannock County properties has risen at a rate faster than the market can supply such properties. Currently, in the fall of 2018, the average number of Rappahannock County properties on the market is 80 to 85, indicating that we are about 58% below ‘normal’ inventory. While this trend has led to only a slight increase in prices, should it continue into the first quarter of 2019, we will begin to see significant and perhaps dramatic price rises.
In contrast, the real estate market for land parcels in Rappahannock County remains relatively static and land parcels can be had at a relative bargain.
Overall, the market indicators demonstrate that now is the time to invest in a Rappahannock County property in order to build equity ahead of the rising prices in 2019.