It's regrettable to see so many excellent homes lose value due to civic/social circumstances. But, regarding appraised values in the area, I always questioned the methods by which the appraisers could value Greenville homes so much. In many cases, it seems highly unrealistic.
Likewise, I find the tax valuations always dubious because there's no way land values can be rising. For instance, there's a house on Deer Creek listed for $500,000. Get real! Maybe someone told the owners they could get that amount - and maybe they will - but Geez it seems high given a strict buyers' market that exists in parts of Greenville and other areas around Washington. I think there are great values in property in the area if you're into owning rental properties. They're bought cheap and can be profitable. That's one stock in which I buy - the area's rental scene. I'd also buy options in the local steakhouses, which are excellent.
I agree with L.R. that local property values seem a bit inflated; however, there is a great difference between the listing price and the selling price. Apparently, someone places a high value on our property. I received my home-owner's escrow account statement last week and both my property taxes and home-owner's insurance had increased almost 2.5%. It appears that the "price" of Greenville is falling, while its "costs" just keep going up.