Cool temperatures have not meant a cooler real estate market in Richmond, Virginia
As temperatures drop
we would expect the market to start cooling. But according to data gathered by Redfin, the Richmond, Virginia, real estate market is still a hot investment. (Take it from someone who worked all Christmas!)
Curious what your home is worth? Check it now (Doesn’t hurt to look.)
In this article from Marketwatch, “Richmond recorded the highest percentage of offers facing competition, with 80% of the offers presented by Redfin agents effectively entering into a bidding war. That was up from nearly 70% of offers in the previous month.” Salt Lake, UT and San Diego, CA ranked second and third.
It’s pretty humbling to be ranked with such powerhouse cities.
The onset of remote working, opened up the opportunity for people to live where they want. And while large metropolitan areas may not be as appealing as they once were, satellite cities—smaller urban areas not far from larger metros—are really becoming popular according to Marketwatch.
We’ve seen similar data last year. In the spring, it was reported that at the end of 2020, Richmond was tied with Sacramento for relocation. (East Coast is the beast coast!)
It’s not hard to imagine why folks want to move here. We’re centrally located, 2 hours to the beach, 1 to the bay, 1.5 to the mountains. We can take a train to DC, NY or Miami if you’d prefer. And in fifteen minutes, you can get somewhere. (Which isn’t something you can say in a metro.)
Richmond also boasts an array architectural styles to appeal to virtually all audiences. Similar to Portland, Richmond’s diverse architecture teamed with it’s revitalization efforts have kept these neighborhoods flourishing amidst it’s history. From Federal and Italiante to Victorians and modern, you can pick your vibe throughout various neighborhoods across RVA.
These are just a few of the reasons why RVA continues to be a hot home market. But don’t get discouraged, if you’re in the market to buy, there are solid strategies that can be employed to have you on the winning side of an offer. So if you’re in the market, don’t let the competition dissuade. Message me and let’s talk.