2014 Fairfax County Housing Market Update

If you’re a Fairfax County homeowner, you may have noticed that your property tax assessment was lower than last year’s assessment, which is good and bad news. You’ll pay less in property taxes this year, but your house and land are worth less this year, so maybe, it’s not the best time to sell after all, right? Maybe.

It’s not just you. According to a recent article released by the Northern Virginia Association of Realtors (NVAR), existing home sales dropped by about 5 percent from this time last year. Keep in mind that we’re only talking about 5 percent from January 2013 versus January 2014. Also, we’re talking about the number of residential real estate contracts. Some reasons cited for the drop include the recent government furlough and colder temperatures, which are valid points, since this time last year, sequesters, furloughs, and inclement weather weren’t really issues.

The NVAR article also states that although detached home prices slightly declined, sales for attached homes, including townhouses, rose by 3 percent. Furthermore, the listings for active sales in Fairfax County increased by 25 percent from this time last year. What we can glean from these numbers is that the inventory has increased, which means that if you’re looking to buy a new home this year, you may have more possibilities than buyers had last year.

Fairfax Real Estate Lawyer: If you’re looking for an experienced Virginia real estate law attorney or Virginia property lawyer, contact Keithley Law, PLLC today by calling (703) 454-5147 and schedule an initial consultation in our Fairfax law office.

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