The Hebrew word "almah", used in Is 7:14 most accurately refers to a woman of child-bearing age. She may or may not be a virgin. The actual word for virgin in Hebrew is "betullah", and this word is used later in Isiah and in other books.

Of course, the Greek translators used "parthenos" in the Emmanual Passage, which refers to a virgin. Ergo, the writer(s) of Matthew, eager to tie Jesus into OT prophecy and always on the lookout for what they think are hidden meanings in the OT stories that related to Jesus, goofed on this one. It wasn't the only time.

Just in the context of the story, king Ahaz is concerned about a potential attack from Syria and Israel. Isiah is telling Ahaz not to worry, because his prophecy predicts the fall of these two nations. Would it make any sense at all for Isiah to be telling Ahaz, "Don't worry, because in 700 years Jesus will be born"? Absolutely not. The Jesus tie-in makes no sense at all.