The New Year is looking promising for the city of Richmond. Real estate website Zillow created a list last week which ranked the top 10 U.S. cities predicted to have the best housing markets in 2016, with Richmond, VA listed at #4. According to NBC, Zillow stated there will likely be a 2.2% increase in home values throughout the city, with the highest rates of growth to be found in the neighborhoods of Carytown, The Fan, and Church Hill. The list ranked Denver, CO as the number one housing market, with Seattle, WA and Dallas, TX at numbers two and three respectively.
A main contributor to this predicted increase, Zillow says, is the strong presence of education, government programs, and manufacturing businesses in Richmond. The city’s variety in funding has led to a healthy balance in its economy, which in turn has promised growth in Richmond’s overall income, with housing being just one of many markets expected to have a successful 2016.
Opportunities in Richmond
With a high demand in real estate expected for Richmond in 2016, it can be assumed that many citizens around the city have been benefiting from its current economy, and feel more financially confident to invest in housing, more so than they might’ve in recent years . It’s also predicted that many of those in the millennial generation are beginning to search for home-buying opportunities to fit changing lifestyles and job acquisitions across the country.
Another contributor to the growing market may have connection to recent changes made in mortgage insurance plans, with the Federal Housing Administration lowering premium rates to 0.85 %, making it easier for new home buyers to meet down payments and monthly fares. At the current moment, opportunities are looking plentiful for those looking to move to Richmond this year, with the current Median List Price recorded at $160,000. If you’d like to learn more and keep up to date on current housing trends and market predictions, take a look at the links below!