Market Conditions - July 14, 2006 by Carla L. Davis
Richmond, Virginia, a city famous for revolutionary speeches and civil war battles, is now seeing a real estate market that will surely leave its mark for years to come. Prices rising over the last year have brought the median price for a single family home to $235,000 for the metro area. Downtown Richmond is seeing a slightly higher price, with the average selling price, slightly under list, at $349,061. Homes under the $300,000 mark are selling well. Inventories are up and buyers are still taking advantage of historically low interest rates and moderate pricing. This is why homes are selling in around 40 days in much of the city. In other Richmond news, the National Association of Realtors reported last week that the city is enacting an exciting new revitalization program called, Neighborhoods in Bloom. The purpose? "A targeted neighborhood investment program ... to achieve the positive changes crucial to the future of its neighborhoods." The program will attempt to increase homeownership to create stability in the city and attract private investors. |
