Discover
Richmond
Richmond, the capital of Virginia, was named the country’s fourth hottest housing market in 2016. The city’s strongest points were income growth and low unemployment. The economy is doing well and growing, including the government, education, manufacturing, and finance industries. While Richmond is not a tech hub like other big cities, the city stands out because it has been able to provide increasing salaries, maintain low unemployment rates, and has steady home appreciation rates.
There are several universities in Richmond, driving a high demand for rental properties from students. In addition, there is a strong demand for rental properties in areas where major regional hospitals are located.
Homes are affordable in Richmond real estate and are expected to continue to be affordable, as there are new construction plans to improve the market.
There is one word of caution for those planning to invest in Richmond real estate solely for appreciation. Home prices are increasing at a slower pace, so investing in Richmond has more short-term benefits and could take longer to reap the benefits of appreciation.
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