Richmond Real Estate

The market for Richmond Virginia real estate has been marked, as of the 2010 year for Richmond property transactions, by indicators widely perceived by realtors and other current or hopeful participants in that area of the Richmond, VA economy as causes for concern.

In terms of the average price being asked for pieces of residential Richmond Virginia real estate, the overall financial performance of lots of Richmond property, and other indicators, this market has been characterized by various problems which have been connected to the overall diminished condition of the Virginia economy as a whole, and generally throughout the United States real estate market.

In this regard, Richmond property brokers and others were concerned by the finding, presented in 2010, that the year had seen the average price per square foot of Richmond Virginia real estate decline in value at a rate of 6.9% in comparison to the previous year, to the point where each square foot of Richmond property had come to cost, on average, a price of $122.

Moreover, the median price being asked for residential Richmond property and successfully secured from home purchasers declined in 2010, at a 12.1% rate in comparison to the previous year. The average median home price is now $22,918. On average, a home on Richmond property will cost the new owner a $231,242 price to be paid to the realtor. Richmond Virginia real estate buyers tend most often to go after the area with the zip code 23112.

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