Richmond Real Estate Market Overview
Average Monthly Rent:
$1,078
Percentage Change in Home Price/Value:
4.20%
Median Home Value:
$217,500
Best Time To Sell Home:
July
Affordability Index:
169.2
Days To Sell House:
63.25
Job Market:
Fair
Public School Ranking:
4
Location and Weather
With a rich history in the American Revolution and Civil War as the capitol of the Confederacy, Richmond has undergone a lot of transformation to become the vibrant city it is today. Richmond is in the east-central part of Virginia at the head of the James River. The Richmond Memorial Battlefield Park and the Virginia Museum of Fine Arts are must visits for residents and Civil War Enthusiasts.
Richmond has cold, snowy winters from December to March with an average high temperature below 55 degrees. The summers are from late May to mid -September with high temperatures in the high 80’s and lows in the 70’s.
Population, Job Market and Cost of Living
Richmond’s population in 2018 was 228,783 with a growth rate of 0.80%. The job market has increased 1.8% over last year. The 10-year predicted job growth is 37.1%. Tobacco has historically been and continues to remain important economically. Other industries include printing and publishing and the manufacture of textiles, pharmaceuticals, metals, chemicals, wood and paper products. Major companies include Estes Express Lines – freight transportation, Union Bank and Trust, LeClair Ryan, and McGuire Woods. The cost of living is moderate due to the Richmond real estate market and availability of affordable homes.
