In an American economy where nothing is certain, where everyone from someone who operates a sheet metal crimper to a restaurateur must worry not just about keeping their jobs but keeping their homes, it's comforting to know that some communities remain stable. Such is the case with Richmond, Virginia.
While listing prices in other real estate markets around the country drop faster than an auto dealer supply, Richmond has remained consistent, if not steady. The median selling price of average homes and the average listing price have dropped less than 6% over the last year, which is remarkable when other cities have dropped in upwards of 45%. When one looks at the overall market trends in Richmond over the last 9 years, it is evident that while there have been fluctuations throughout that time, prices have been steadily rising since 2000. At that time, the median selling price was around $97,000. At present, the median selling price in Richmond is just under $200,000. Though the market dropped last year, it has been rising slowly ever since.
Any Burlington lawyer will tell you that Richmond real estate is a solid investment. Not only are prices very affordable on a national scale, they are slightly cheaper than surrounding cities such as Mechanicsville and Midlothian. Since the market has stayed steadier than search engine optimization Toronto stock through the last decade as well, chances are very good that property will show a positive return within a year or two.
The only slide that Richmond real estate has shown recently is in the number of sales. Down 37% since last year, sales are at their lowest levels in nine years. This is bad news for buyers, of course, because it means that finding below market value homes is much harder than in other regions of the country. With the average selling price nearly $70,000 higher than the median selling price, Richmond is clearly a sellers market at the moment.
There are a few silver linings for buyers, however. The first is that the Richmond real estate market fluctuates on a regular basis, so patience, like high temperature tape, will reward buyers in the end. The second is that there have been about 680 foreclosures in the area as of late, and these properties tend to sell below their listed price because of the urgency in selling the property. Many foreclosed properties are being snatched up across America by first time home buyers, because they are great deals at great prices, and are sure to increase in value if and when the market rebounds.
Though it may not be New York or Los Angeles, Richmond offers middle class families a great opportunity to find great properties in the warm, inviting state of Virginia. Not only is it a wonderful place to raise a family, but it provides the peace and relaxation no urban city can match. If Richmond sounds like your kind of place, talk with a realtor to find the right time to slide into this steady, reliable market.
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