If you ask a Richmonder why they love living here you may get a variety of answers. Some might cite its outdoor space (James River, multiple National Parks nearby, local parks), some might cite the craft beer scene (28 breweries and growing), it's ranking as one of the most restaurant populated cities in the nation, or it's vibrant arts scene. And those are all great reasons. Richmond consistently ranks toward the top of the list on national rankings for quality of life and it's no surprise people are happy and welcoming. Last time I went to the DMV I was greeted by several smiles upon entering. No joke.
But there is another great reason to mention: real estate. There are empirically better cities/markets to buy real estate in but few offer the quality of life that has made Richmond so famous. Here are a few stats that will help put the city in context from a real estate perspective:
-Job growth in the Central VA region in 2015 (+15,000) and 2016 (+21,000) was well above the average annual growth (+7,200) over the past 26 years
-Job growth in the Central VA region for the past year was led by growth in Education and Health Services, and Construction.
-Year over year Richmond Metro saw a 16% growth from first quarters of 2016-2017 in home sales. This exceeded first quarter levels of the past 9 years. WOW.
-Richmond led the region in average sales price with an increase 12% a year ago (first quarter 2016 to first quarter 2017). That 12% increase is roughly $27,000.
-Homes are selling 12 days faster in 2017 when compared to 2016!
For buyers: there is a unspoken promise of property value appreciating as there is demand and the city is growing
For sellers: it's a sellers market! This means that many homes go for more than the listing price and it can be a lot easier to see a strong return on investment from when your home was purchased.