In another story ripped from the pages of Forbes Magazine, REALTOR Magazine reports that Richmond places ninth in a top ten list of best locations to get a bargain on a home. In the greater Richmond area, there is only one foreclosure per 1,103 households. Still, there are plenty of homes on the market.
Richmond’s status is representative of the broader Virginia housing market. VAR members tell me that places like Roanoke, Hampton Roads and Charlottesville have market conditions much like Richmond’s. High inventory levels and little to no home value depreciation. In fact, statewide, Virginia’s home prices continue to appreciate at a respectable rate, despite the national headlines. From October 2006 through October 2007, Virginia homes appreciated 4.3 percent.
To summarize the realities of today’s Virginia housing market for both REALTORS® and consumers, we’ve developed a top ten list of our own. We call it “10 things you should know about today’s Virginia real estate markets.” You can download a flyer in PDF to help start a conversation with your clients about the state of Virginia’s housing market. Check out the thumbnail below.