Loudoun County assessments came out earlier this month and assessed values went down in most areas of the county. But did they go down enough for your area of the county?
This is the breakdown for the change in prices for the Leesburg area of Loudoun County. This analysis is for the 20175 and 20176 zip codes. It will show you the difference in values for homes sold at the end of 2006 versus the end of 2007.
Two different datasets were used: Homes sold in the month of December and homes settled between December 16th and January 15th. A complete explanation can be found in the first post of this series.
| Leesburg Market Value Analysis | ||||
| Under contract Dec 1 - Dec 31 | 2008 | 2007 | (+/-) | % change |
| All Leesburg | $435,971 | $459,493 | -$23,522 | -5.1% |
| 20175 | $385,945 | $385,955 | -$10 | 0.0% |
| 20176 | $504,756 | $501,118 | $3,638 | 0.7% |
| Settled Dec 16 - Jan 15 | ||||
| All Leesburg | $398,649 | $496,961 | -$98,312 | -19.8% |
| 20175 | $416,006 | $410,710 | $5,296 | 1.3% |
| 20176 | $385,065 | $570,891 | -$185,826 | -32.6% |
The huge disparity in prices for the Leesburg area indicates further drilling down into the various neighborhoods is necessary to determine the true market values. In areas with vastly different property types, sizes and ages this can and often does occur.
