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Richmond Real Estate

Richmond real estate is divided into 5 zones, with each zone having a distinct feel. Areas 50 and 60 are south of the James River, with wonderful Westover Hills lying in Richmond real estate zone 60. Area 20 (the West End), Area 10 (which includes the Fan and Church Hill), and Area 30 (referred to as "Northside") are north of the James River. Area 30 was the only Richmond real estate zone experiencing depreciation of home values in 2007.

Real estate in Richmond, VA sells for anywhere from an average of $90 per square foot in Area 50 (south of the James River) to an average of $191 per square foot in Richmond's "fashionable West End." As you move west in the city, prices of homes in Richmond, VA go up substantially, with some properties selling for over $3.7 million, and 10 homes in Areas 10 and 20 selling between $300 to $515 per square foot.

Sale prices in Windsor Farms ranged from $546,050 to $1,940,000. The median price of a home in Windsor Farms was $757,500, with homes selling for about $237 per sq. foot. Fan median prices were around $505,000 and selling for around $202 per square foot, while a home on Monument Avenue sold for $2,125,000 in 2007. There are few “deals” in real estate in the Fan or in Church Hill (both in Area 10), although there are still wonderful properties to be had. Compared to other areas of the country, Richmond real estate moves quickly, with half of the homes selling in under 50 days in 2007. Bidding wars were not uncommon in Area 20, where half the homes sold in fewer than 34 days. You will need to have a competent Virginia realtor to help you negotiate through the many facets of Richmond real estate.

Real Estate in Richmond, VA

Area # Sold 2007 % Change from # Sold 2006 Min Price Max Price Ave. Sales
Price		 % Inc. from 2006 Ave. Sq. Ft. Price/Sq. Ft. Median Price % Inc. from 2006 Median Days on Market

10

724

 -2%

$13,000

$2,125,000

$242,225

4%

1723

$134

$196,000

6%

59 (+74%)

20

395

 5%

$75,000

$3,710,000

$478,714

11%

1855

$191

$344,850

6%

34 (+48%)

30

370

 -24%

$37,000

$710,000

$183,678

-1%

1665

$113

$158,625

-7%

57 (+97%)

50

399

 -24%

$18,000

$309,000

$113,166

4%

1243

$90

$112,900

10%

53 (+104%)

60

582

 -18%

$22,000

$1,495,000

$234,013

9%

1745

$128

$209,200

10%

42 (+40%)

 

If you would like spreadsheets outlining all 2007 Richmond real estate figures, please contact me by email (andy@relocatetorichmond.com) or phone (804) 249-7666, and I would be delighted to share detailed information.  We would love to help you understand comparative prices of Richmond VA real estate.  We can also set up a search that will send you each active Richmond Virginia real estate listing as soon as it is entered into the MLS system.   If you want to run a quick search of Richmond real estate, you can click on the listings link on www.relocatetorichmond.com, and pull up active properties in the area.