Home values are down in Henrico County for the fifth straight year, according to its finance director. While home values are down, the demand for apartments and commercial space is way up.
Henrico property assessments will start going out Friday, February 8. Some residents may not be happy with what they see but county leaders told NBC12, home values actually decreased less this year than years past.
Henrico's finance director Eugene Walters said that could signal the end of declining home values.
"It's a good sign but we're cautiously optimistic," Walters said.
Since 2008, home assessments have fallen 15% making a $250,000 home now worth $211,000. This year, home values fell 2.2%.
Alma Moore knows the cost of falling assessments. Over the past five years, she's seen her home value decrease by $10,000. That makes it difficult for her to consider selling it for a profit.
"I'll just have to wait to sell," said Moore.
But Walters says the steady decline in the housing market has actually helped the rental community.
"There were foreclosures," said Walters. "People lost jobs and demand for apartments became higher."
Walters hopes next year, Henrico's property values will stop dropping and will finally stabilize.
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