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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. All areas experienced depreciation in 2009, but Area 30 was particularly affected by the harsh housing market.

Real estate in Richmond, VA sells for anywhere from an average of $81 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 one property selling for $4.7 million, and another West End home selling at over $394 per square foot.

Sale prices in Windsor Farms ranged from $420,000 to $4,700,000. The median price of a home in Windsor Farms was $569,250, with homes selling for about $208 per sq. foot. Fan median prices were around $395,000 and selling for around $179 per square foot, while a home on Monument Avenue sold for $1,195,000 in 2009. There are some good “deals” in real estate in the Fan or in Church Hill (both in Area 10), and there are 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 66 days in 2009. Area 20 continued to see multiple bids on listings from time to time.  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 2008 #  Sold 2009 % Change Ave. Sales Price 2008 Ave. Sales
Price 2009		 % Change Median Sales Price 2008 Median Sales Price 2009 % Change Med Days on Market

%   Change  from  2008

10

 550

 474 

-14%

$247,774

 $213,679  -14%  $199,000  $175,000 

-12%

49 

14%

20

  291 277 -5% 

$452,396

$365,662

 -19%  $324,000  $280,000 

-14%

 39  30% 

30

  292  354 

21%

 $161,640  $116,874  -28%  $154,998  $90,000 

-42%

 42.5  12% 

50

 292  314  8% 

$102,605

 $85,181  -17% 

$100,000

 $72,000  -28%  50  9% 

60

 462  428 

-7%

 $220,819 

$186,259

-16% 

$214,000 

$174,750 

-18%

44

 17% 

 

If you would like spreadsheets outlining all 2009 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.