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Madison County real estate booming in 2021

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By Becca Pizmoht

Staff Writer

Increased demand and limited inventory fueled a hot real estate market in Madison County this past year. Kevin McHaney, a Madison County realtor and President of The Greater Piedmont Realtors Association reported that Madison County home sales have been strong into the last month of 2021 and prices for homes in the county have continued to climb surpassing the previous high of 2006.

Dwindling inventory, historically low interest rates and pandemic fueled desire to escape the city have led to a strong seller’s market for housing. The number of houses for sale, both nationally and locally, continues to go down. According to McHaney, Madison County currently has two months of inventory, meaning that if no new homes came on to the market the county would be out of houses in two months. At the same time last year inventory was at four months, still low but closer to the optimal six months for a balanced market.

McHaney reported that due to lack of inventory, the number of sales in Madison County are 29 percent lower than 2020, with 12 sales settled in November 2021 compared to 17 in 2020.

The very competitive market has led to quicker sales with sellers often receiving multiple offers for a home. In 2020, houses were on the market for an average of 41 days. This year to date, homes were on the market for 23 days, a 44 percent decrease.

Prices have steadily risen too. Median sales price for a home in Madison County was $250,000 in 2020 and has risen to $343,000 in 2021.

While the market conditions are favorable for sellers, they can be frustrating for buyers. Increased competition is leading to offers significantly over asking price or buyers forgoing home inspections.

Cathy Marco, a realtor with Cowan Realty in Orange, noted that buyers need to be ready to go when they are shopping for a home. “If property is priced right, it sells,” said Marco. “If you’re shopping now, you need to be ready to go because property isn’t staying on the market long.”

McHaney agreed with her assessment. “Real estate remains a good investment,” said McHaney.

“For buyers, the market is still pretty good as interest rates are still very competitive. Buyers need to be competitive with their offers and ready to go.”

McHaney said that Madison County remains a relative bargain with prices lower than Culpeper, Faquier and Rappahannock, the other counties in the Greater Piedmont Region.

“Madison County property remains popular and still offers a great comparable value,” said McHaney.

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