Richmond VA Market Watch – A Living Historical Tapestry

Richmond, Virginia, is a colorful, vibrant city, steeped in tradition and rich in history dating back to the founding of this great country. For example, St. John’s church bore witness to Patrick Henry’s “give me liberty or give me death speech”, and residents of Richmond were on the front lines as the Civil War was tearing America in two. The list of historical homes, museums and monuments is long, leaving many an avid tourist weary from his daily travels.

In stark contrast to the national outlook, the central Virginia area is experiencing a strong job market with lower unemployment numbers than the national average, which always provides a good barometer of a community’s health.

Although foreclosures have risen, in the Richmond area they only represent 6 ½% of the total inventory, which minimizes the impact on non distressed housing prices.  The majority of home sales are in the $200,000 to $400,000 range. The average home price is $275,000, and the average time on the market for homes is 60 to 90 days.  Prices reflect 95 to 100% of asking price and the trend in the market shows that sales are on the rise.

The inventory of homes on the market is good, and despite the fact that sellers are getting most of what they are asking for, sellers still outnumber buyers, putting potential homeowners in a good position to find the home that suits them, and more importantly, that they can afford. First time home buyers are greatly contributing to this market which is being fueled by job growth. The August, 2011 CES survey showed an increase of 1400 jobs in Richmond, after a loss in the previous quarter.

Richmond parents have a lot of choices in their children’s education as the area offers a large variety of schools, suited to fulfill the needs of many young students. Children can either attend neighborhood schools which often vary in their performance, or in the alternative, children can go to one of many private schools, both religious and secular, or attend one of Richmond’s charter schools which have on average a high rate of success with their programs.

There is always something to do in Richmond. A visit to the Children’s Museum of Richmond or simply an afternoon of fun and relaxation at a neighborhood park, Richmond is a family friendly community that has a lot to offer both residents and visitors alike. For an educational opportunity, The Visual Arts Center of Richmond, offers something for everyone, from young kids to senior citizens. Students can learn about fashion and design or have fun getting their hands wet from a lump of clay on a potter’s wheel.

As a progressive minded community, the city of Richmond recently approved a number of legislative actions engineered to foster job growth through the creation of financial opportunities for both residents and businesses. This factor, combined with the currently existing pattern of job growth and an improving real estate market, could certainly put Richmond, Virginia in the investor’s limelight.