Fairfax County sees increase in home value from last year


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.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Local News Headlines


Don't Miss

More Local News

Trending Stories