Leap in MC real estate values eyed

Reassessor tells Middlesex supervisors: 20% increase likely

by Larry Chowning – 

During an update on the county’s current reassessment of real estate at its Jan. 5 board meeting, the Middlesex County Board of Supervisors (MCBS) learned that real estate values are on the rise.

Steve Wampler of Wampler-Eanes Appraisal Group Ltd., (WEAG), the firm currently hired to reassess county properties, reported that both waterfront and inland home and lot values are growing and this is being caused by supply not being able to meet demand of potential buyers.

“There is very little (real estate) supply and there is high demand for Middlesex real estate right now,” said Wampler. “COVID-19 has not slowed the real estate market down in Middlesex.”

If anything the pandemic has increased county land values as the nation’s workforce has found it can work just fine from home, which is allowing people to move from urban areas to rural counties, like Middlesex, and work from home.

The firm recently completed a reassessment in Caroline County and the “overall increase” in property values was 20%, said Wampler. He predicts Middlesex’s overall property values are going to be in the range of a 20% increase too. (That is from when the last reassessment occurred about four years ago to the present.)

WEAG is currently working on the reassessment of marinas, campgrounds, etc…