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01-29-16 County Housing Market Continues To Recover
 
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Director of Real Estate Assessments
Jonathan P. Davis

Phone Numbers
(804) 748-1321
(804) 717-6278 (FAX)

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Hours
Monday - Friday
8:30 a.m. - 5 p.m.

Mailing address
Chesterfield County
Department of Real Estate Assessments
P. O. Box 40
Chesterfield, VA 23832-0040

Street address
Department of Real Estate Assessments
6701 Mimms Loop
Chesterfield, VA 23832
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2016 News Releases

For Immediate Release

County Housing Market Continues To Recover

January 29, 2016
Real Estate Assessments

Home Values Still Below Pre-recession Levels  

CHESTERFIELD COUNTY, VA — The Chesterfield County real estate market continued to exhibit solid fundamentals during calendar year 2015, headlined by an increase in the number of home sales, further declines in foreclosures and steady construction activity. Existing home values also posted moderate gains last year. The average county home value increased by 2.5 percent during 2015, though homeowners have yet to recoup all of the equity losses experienced during the recent recession. The average assessed home value in Chesterfield County, as updated in January 2016, is still 6.5 percent below its peak level, while the corresponding residential tax bill is $131 less than it was in 2008.

In sum, the value of all real property in the county, which includes changes in the values of all existing properties and gains from new construction, increased by 4.2 percent in 2015. That growth matched the increase posted in 2014 and is consistent with the county’s long-run average and overall forecast. As noted, existing home values edged higher by 2.5 percent in 2015, which was a touch slower than its prior-year mark of 2.9 percent. That mild pullback, however, was fully offset by improved strength on the commercial side, where the county’s recent economic development success yielded a doubling of new commercial construction and stronger growth in the value of existing commercial properties. The contribution from new residential construction was generally unchanged in 2015.

Looking ahead, Chesterfield County’s forecast looks for further measured growth in real property values in response to solid underlying market fundamentals and the fact that many of the county’s communities are among the region’s most sought after destinations. 

For more information about Chesterfield County’s yearly revaluation process, contact the Department of Real Estate Assessments at 804-748-1321.



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