2020 Richmond Real Estate (Alexandria: rentals, neighborhoods, buyers)

[Gamecock2001]

Where do you see real estate headed next year and further here in Richmond (city limits)? It looks to still be steadily climbing, albeit not as fast as it was a 3-5 years ago. Do you see this trend continuing? I believe inventory is still low in desirable areas in the city. If there is a recession dip - will some neighborhoods be safer than others?


Just curious to know what any of you real estate nerds are noticing.

[Charlesaf3]

I expect City real estate to climb over the long term, dramatically. Wouldn't be surprised if it stayed flat to slightly down for the next few years. We are due for a cyclical downturn in real estate, but it will hit the counties harder as they are mostly commodity products

[VA Yankee]

I think it will continue to climb but will flatten out some as the prices adjust to what people are willing to pay rather than what has been somewhat inflated listing prices.

[whatiscp]

I think there will be less appreciation than in the last 5 years but nothing like we saw 10-11 years ago. The economy hasnt over leveraged real estate like previously seen so if there is any effect on the housing market it will be from downsizing and the transition from a sellers to equilibrium or buyers market.

[richmond_native999]

I'm not sure about the counties and the tri-cities, but I believe real estate values for most neighborhoods in the city of Richmond will continue to rise, although not as dramatically as in recent years. Look at forums for Richmond and you will still see people from NOVA talking about how cheap they think it is to live in Richmond. Clearly there is still plenty of room for upward movement in housing prices.

[watson61]

I live in Alexandria VA and am planning to move to Richmond in a few years when I retire. I definitely keep tabs on Richmond real estate prices and yes, Richmond seems cheap to me, especially compared to NOVA now, with all the frenzy about Amazon driving up real estate prices, especially rentals.

[joe5]

As is the case with most everywhere else, it's a seller's market. What drives me nuts are places like Goochland and their #@$ minimum acreage laws.

[Pruzhany]

Originally Posted by joe5

.... What drives me nuts are places like Goochland and their minimum acreage laws.

IMHO that's a good thing, as Goochland (and Powhatan) won't end up with postage stamp properties with useless setbacks where people build so close to the property lines that they can watch each other through bathroom windows. This is why neighborhoods are rare in the county (those that exist were subdivided at previous smaller minimum acreage laws).

[VA Yankee]

Not everyone wants a riding lawnmower for their yard, many want enough yard to sit on the patio and let the dog out. Plenty of variety whatever the flavor you prefer.

[joe5]

Originally Posted by Pruzhany

IMHO that's a good thing, as Goochland (and Powhatan) won't end up with postage stamp properties with useless setbacks where people build so close to the property lines that they can watch each other through bathroom windows. This is why neighborhoods are rare in the county (those that exist were subdivided at previous smaller minimum acreage laws).

I get that, but there is a happy medium which they refuse to accept.