We are still awaiting to see how COVID-19 will affect our local reat estate market but assessements came out in Feb 2020.
This year Fairfax County Real Estate assessment saw an average residential increase of 2.65%.
The breakdown of average home assessments (averages are not necessarily indicative of individual properties or neighborhoods):
Single family detached homes – $692,409, up 2.36% Townhouse /duplex properties – $437,346, up 3.43% Condominiums – $288,246, up 4.36%
Below are several factors that affect real estate assessments:
Sales in the neighborhood. Economic factors such as average number of days homes have been for sale and sales volume. Improvements to the property (remodeling, additions). New construction and rezonings. Property characteristics (such as size, age, condition and amenities).