emergency. Richmond housing market statistics

R ICHMON D HO U S ING MARKET Statistics April

Andre Jackson

Not so long ago, Richmond Virginia was heralded as one of the hottest markets in the united states. Subsequently, housing prices in the area have persisted to increase, only growing at a very steady rate for nearly four years, up approximately 3 percent annually since 2010. This trend could be attributed to the regions’ steady job growth.

OVERVIEW OF THE RICHMOND MARKET Richmond is one of the largest and oldest cities in Virginia. The city has a population of about 228,783 people and 107 constituent neighborhoods. Richmond is the fifth largest community in Virginia. The city has neither predominantly blue-collar nor white collar, but instead, it has a mix workforce of both. But generally, Richmond city is a city of professionals, service providers and sales and office workers. Most of the people who live in Richmond work in administrative support, sales job and management occupations. single, educated and upwardlymobile career starters in Richmond. Most people consider Richmond as the place to live without being in a really big city, with so many opportunities for friendship and fun.

For transportation, a lot of people take the bus for their daily commute. Given the size of the city and the population, the number of people using public transportation is quite high. For many people in Richmond, this fills their need for low-cost transportation.

People in Richmond are fairly educated, relative to the national average among all the cities (21.84%): 38.49% of adults in Richmond have a bachelor’s degree or even an advanced degree.

When it comes to the economy, the per capita income for Richmond residents in 2010 was $31,635 which is upper middle income relative to Virginia and the nation. This equates to an annual income $126,540 for a family of four. Nonetheless, Richmond contains a mix of very wealthy and poor people.

Richmond is also known for its ethnic diversity. The residents of Richmond describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of Richmond residents report their race to be Black,

HOUSING MARKET In total, the number of houses in Richmond is estimated to be 89,846 with a median cost of $266,000. Richmond real estate prices are well above the average cost compared to the national average. The most common type of housing in Richmond are the single-family detached homes, which accounts for 48.68% of the city’s housing units. Other types of housing that are common in Richmond are large apartment complexes or the high-rise apartments accounting for about 32.07%, duplexes, homes converted to apartments or other small apartment buildings accounting for 10.99% and a few row houses and other attached homes accounting for 7.75%. The people living in Richmond city primarily live in small (one, two or no bedroom) single-family detached homes. The city has a mix of owner-occupied and renteroccupied housing.

APPREC IAT ION RATES Appreciation rates for the homes in Richmond have been tracking above average for the last 10 years. The cumulative appreciation rate over the 10 years has been 35.82%, which puts Richmond in the top 30% nationwide. This equates to an annual average appreciation rate of 3.11%. According to NeighborhoodScout, during the latest 12 months, Richmond appreciation rate of 4.55% has been slightly above the national average. In the latest quarter, Richmond appreciation rate has been 0.18% which annualizes to a rate of 0.73%. Compared with Virginia, the latest annual appreciation rate is higher than 80% of the other cities and towns in Virginia.

Below, you will find the statistics on residential listings in Richmond which we have updated from the MLS. This includes the average price, average days on the market, and average price reduction.

According to the MLS, by mid-April 2020, the total available number of properties listed were 1,319. This was an increase from last month, up 3.13%.

Note that the appreciation rates give are the annual appreciation rates for Richmond city. Individual neighborhoods within Richmond differ in their investment potential. If you would like to explore the Richmond real estate market, get in touch with one of our VIP Agents, Andre Jackson. The VIP Agents program is a program powered and run by the Power Is Now Media. To learn more about the Program, click here.

Bishop Andre W. Jackson is a native of Richmond, California where he still resides and for over 21 years has owned Jackson Medical Supplies and Equipment. He owns a record label, Ground Up Record & Production Co., and is the Vice-President of BASA Publishing and The American Clergy Leadership Conference of Northern California and National Co-Chair. Bishop graduated from Sacramento Theological Seminary with a master’s degree in Christian Counseling and Theology and a doctorate degree in Christian Education and Theology. To learn more about Andre, click here.

Sources & Work Cited

https://www.neighborhoodscout.com/ va/richmond/real-estate http://www.mls.com/search/virginia/ metro/richmond-area.mvc https://www.fortunebuilders.com/ richmond-real-estate-market-trends/