2021 Real Estate Assessments Now Available; Average Residential Increase of 4.25%
More than 356,000 updated property reviews for 2021 are available online and sent to all property owners. Based on compensation changes (market-oriented value increases or decreases for your house), nationwide The valuation of residential properties rose by an average of 4.25%, with the average valuation for all homes at $ 607,752. In 2020, the nationwide median home valuation was $ 582,976.
Despite the pandemic, house prices rose in most areas of the county due to record lows and low inventory levels. However, commercial real estate – especially restaurants, retail stores and hotels – lost value due to vacancies, collection losses and general market risk.
88% of house values have risen
Of the total number of residential properties, the value rose by 88% due to the so-called compensation, which is market-related increases or decreases in value. Only 4.4% saw a loss in value, and the ratings for the remaining 7.6% remain unchanged.
The breakdown of the average house ratings (average values do not necessarily provide information about individual properties or districts):
- Single family homes – $ 725,327, up 4.17%
- Terraced house / maisonette property – $ 460,526, up 5.13%
- Condominiums – $ 304,877, up 4.62%
The values for non-residential real estate (commercial, industrial and rental apartments) fell by an average of 4.05%.
Total of the 356,171 taxable parcels in Fairfax County:
- 326,263 have a valuation change.
- 29,908 have no valuation change.
Why your assessment may have changed
There are several factors that influence property valuation:
- Sales in the neighborhood.
- Economic factors such as the average number of days for sale and the volume of sales.
- Property improvements (remodeling, additions).
- New construction and rededication.
- Property characteristics (such as size, age, condition and furnishings).