Loudoun County Real Estate Assessments

Attention Loudoun County Homeowners!

You probably have already gotten your real estate assessments in the mail for 2015.  There are a few things you need to know regarding your assessments:

1. Assessments reflect assessed home values as of January 1st 2015 based on all of the real estate market activity from 2014
2. The assessed valued in conjunction with the tax rate (set in April by Board of Supervisors) will be the basis of the real estate taxes this year to be collected June 5th and December 5th
3. Feel your assessment is incorrect?  If so, you can file an application for review thru the Loudoun County commissioner website by March 9th:   http://interwapp01.loudoun.gov/reaa/reviewForm.aspx
4. Overall assessed property value in Loudoun county increased 6%
5. The average changes in property value in the county:
• Single Family Home - increased average of 9.3%
• Condo - decreased 4.92%
• Commercial property increased 5.4%

Obtaining the assessed values in only 1 part of the equation.  As I pointed out in #2 above, we will see what our real estate taxes are for the year once the Board of Supervisors provides the tax rate.

Tax Rate x Assessed Value = Real Estate Taxes

Unfortunately with Loudoun County, the tax rate is not based on anything other than determining how much money they need and backing into the tax rate.

If you have questions on your assessment or how to file the application for review - contact us and we will help you!

Interested in the real estate activity in YOUR neighborhood?  Use our Accurate Market Snapshot Tool to find homes that sold, homes pending sale, and homes active on the market.

Loudoun County Real Estate Update - January 2015

Loudoun County real estate saw an increase in activity this past January.  Some trends that you should be considering while review the market include:

1. Pending contracts are up close to 15% compared to last year and are at their highest level since 2007
2. There were 589 new listings in January, a 5.4% increase from last year
3. Inventory levels are up 35% compared to last year with 1,537 homes on the market
4. Average days on market before a contract is up 41% to 79 days.

In terms of average sales price by housing type...

Detached homes had a median price of $550,000, a 6% increase from last year.  Townhouses average sales price was $369,900 and was 7.5% lower from last year.  Finally, condo's average price ended lower 6.5% down to $250,000.

In terms of review activity by zip code, here is a good chart to review:

Strong increases in median sales price in Aldie and South Riding while Ashburn zip codes 20147, 20148 took a huge hit in the month.  This chart, however, can be deceiving as it does not show the mix of home sales.

Here is a chart by zip code that shows the average days on market year over year:

For all of Loudoun County, the median days on market increase from 38-60 days.  If you look at zip code 20148, the median days on market increase more than twice!

For more detailed statistics on the housing market or have questions in your particular area, please contact us - we are here to help educate!