Knowing your target market when making land deals is key. According to the American Community Survey (2006–2010), movers aged 20 to 34 (typically first-time home buyers) dominated the pool of people moving to Fauquier County (56%). Movers aged 35 to 54, usually move-up buyers, represented the second-largest share of in-migrants (36%) on an annual basis. The over-55 migrants moving to Fauquier only accounted for 8%.
When looking at land deals in Fauquier County, keep in mind:
- First-time and move-up buyers dominate the market. The share of movers over the age of 55 pales in comparison to younger movers aged 20 to 54: 8% versus 92%. Even with the “graying” of America, it will likely take some time for the number of older in-migrants to approach the number of younger movers. And Fauquier County appeals to this age group; over 26,000 people in the first-time and move-up age categories moved to Fauquier on an annual basis, while only about 1,500 moved out.
- It’s a price play for those people moving out from Fairfax and Prince William counties.Design your housing product with fewer standard luxuries to keep base costs low enough for first-time buyers to forego a shorter commute from Prince William or Fairfax counties, which account for 20% and 15% of Fauquier’s total in-migration, respectively.
- Fauquier is more accessible and offers better services than Culpeper County.Roughly 14% of all movers to Fauquier come from Culpeper. Consider Fauquier County’s Bealeton submarket (south of Warrenton) which could offer nearby Culpeper residents an affordable option for a shorter commute to work and close proximity to Warrenton.
- Mature movers tend to come from Loudoun County. While Loudoun supplied only 7% of all movers to Fauquier, 22% of total movers over the age of 55 came from Loudoun, presumably choosing Fauquier for its lower cost of living. The number of Fauquier’s total in-migrants aged 55+ more than doubled the total out-migrants in this age group (652 vs. 313 per year).
- Today’s buyers, especially the younger group, value walkability. Locations close to downtown Warrenton appeal to young and mature buyers alike.
In the table below, we have highlighted the largest groups of movers by county of origin and potential buyer category: orange for ages 20–54 and green for ages 55+.
Please call me (703) 955-3487 or Dan Fulton (703) 447-7171 for more information about Fauquier County or migration patterns in other counties.
*The Virginia category includes an amalgamation of various counties with few in-migrants each.