Fairfax County sees increase in home value from last year

Virginia

FAIRFAX COUNTY, Va. (WDVM) — The average price of homes in Fairfax County has increased since last year.

According to a new report from the county, 88% of the homes in the county have increased an average of more than 4.25%. The county cites the increase in prices is due to low-interest rates and inventory. Townhomes and duplexes saw the greatest increase, followed by condos and then single-family homes.

“With low inventory, you have more competition, it’s basic supply and demand,” said Maureen Clyne, Realtor with Coldwell Banker Realty. “Right now, interest rates are at almost all-time lows, and there’s pent-up demand on the part of buyers who really want to get out there and purchase a home.”

What does this mean for taxes? It’s too soon to say. The Board of Supervisors has not yet adopted a tax rate for 2021, and despite the one-cent real estate tax reduction rate on the table, the board can still decide to raise taxes.

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