Richmond Virginia Homes For Sale
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City of Richmond Lags Behind Counties in Home Ownership, BUT Improving! What does it mean?
The City of Richmond continues to lag behind area counties in home ownership, but by percentage the city is improving. Based on figures from the US Census, the percentage of owner occupied properties in the city was 51% compared to 66.2% in Henrico County, 77.6% in Chesterfield County and 83% Hanover County for 2007. The Virginia statewide average is 69.5%. A bright spot for the City of Richmond is the 51% in 2007 is an improvement over the 46% in 2006 which could be attributed to a drop in housing prices in the softening real estate market. What does it mean? The current real estate market is a great opportunity for first time homebuyers to get in the home ownership game. Mortgage rates continue at low level, prices in the market have dropped and sellers are willing to negotiate more than ever before. This has created a window of opportunity for buyers to take advantage of.
Above figures from US Census Bureau.
