There were 106 active listings, about five weeks worth of inventory, as of Saturday in Culpeper compared to nearly 170 listings in March 2020. General rule of thumb is six months equates to a market that’s in balance, said Thornton.
The most expensive house sold this year in Culpeper is 720 Zeuswyn Dr. for $2.45 million. A house on Golf Drive sold at $650,000 and on Windsong Court for $480,000.
One-story homes on Old Orange Road and South West Street are both currently offered for sale at $350,000, said Thornton, Greater Piedmont Realtors 2018 Broker of the Year.
The city of Richmond came in first statewide for the greatest jump in home values at 49 percent in the recent study. The state capital had the third highest property taxes on the list, $1.01 per every $100 of assessed valuation.
Floyd, Virginia came in second with 40 percent home value growth and a .60-cents tax rate. Warren is third with 37 percent home value growth and a .64-cents tax rate.
Manassas City at No. 4 saw 37 percent growth and had the second highest taxes at $1.13 of assessed value.
Lynchburg City saw 36 percent rise in home values with a 97-cents real estate tax rate.
Portsmouth City was at No. 6 with nearly 36 percent home value increase in the past five years and the highest property tax, $1.23 per $100 of valuation.
Read More: Culpeper No. 6 for highest growth in home values in Va. | Business