Why do property values change?

The most frequent reason for a change in value of a given property is a change in market conditions. This means a change in the supply or demand for real estate, which typically reflects broader trends in the local or regional economy such as employment levels, household income, inflation or deflation, prevailing interest rates, consumer confidence, or any number of other economic factors. Basically, a change in market conditions means a change in the price a seller would be willing to accept or the price a buyer would be willing to pay for a given property. The assessor continually tracks market conditions as reflected in real estate sales prices and overall price levels.