I am pleased to report that residential sales in Madison County increased from eighty one homes in 2012 to one hundred and twenty three in 2013! This represents an impressive 52% increase. On another positive note, sales exceeding $300,000 increased from twelve in 2012 to thirty in 2013.
Homes priced under $300,000 represented 75% of the market share. The $100,000 to $200,000 range continues to be the most popular. This category includes first time home buyers, those scaling down for retirement, and others relocating to Madison for various reasons. There were four sales exceeding the million dollar mark, an increase of three from 2012.
Although foreclosures and short sales have decreased substantially, they still provide an opportunity for investors to make improvements and resell or convert into much needed rental properties. Madison’s rural and scenic countryside remains attractive to those looking for a haven from the congestion up north. Those buyers are vital to our higher end market.
If you are interested in purchasing or selling in the Madison area, feel free to contact me at 540-718-3300.