One question I get asked frequently by sellers of single family homes is whether or not to upgrade the kitchen countertops to granite. The answer is yes if you want to sell your home for more money. In fact, an analysis of the sales prices of similar homes shows that the average sales price of a home with granite countertops sells for $80,000+ more than a home without the granite countertops. The following graph illustrates the price differences for three different age groups of single family homes sold in the past 6 months in Loudoun County.
Unbelievable!!?? I thought so too. Maybe all the homes with granite countertops are all significantly larger or have larger lots or are in more expensive neighborhoods. So I looked at the sales price of the homes compared to their assessed values. This should put all the homes on a level playing field since the assessed value algorithm takes into account lot size, finished square footage and comparable sales prices for neighborhood homes.
A closer look at the two Ashburn zipcodes will give us a better idea of the difference in values. The results put the premium of homes that have granite countertops at between 4% and 5% over homes without granite countertops. The premium buyers placed on homes with granite countertops was $23,360 for 20147 and $31,779 for 20148 during the last six months of data.