Richmond Is the Nation's 4th Hottest Housing Market

Richmond is the Nations 4th Hottest Housing Market 

These houses at 616 N. 31st St. and 618 N. 31st St. in Church Hill are each on the market for $414,950. Church Hill was among the hottest neighborhoods in Richmond, according to a Zillow prediction, with a forecast of 6.7 percent in home value growth in 2016.
Richmond scored as the nation’s fourth-hottest housing market in 2016 in a prediction released Tuesday by Zillow, a real estate and rental data firm.

By CAROL HAZARD Richmond Times-Dispatch  

Denver, Seattle and Dallas-Fort Worth top the list, based on home value appreciation, current unemployment rates and recent income growth. All are major tech towns, ideal for job growth, according to the prediction.

Richmond scored lower in the forecast for home value appreciation — 2.2 percent this year — than the 10 hottest markets but strongest in income growth at 1.2 percent and lower than three other cities with an unemployment rate of 4.4 percent.

A strong and diverse economy is the driving force behind Richmond’s high-income growth, with government, finance, education and manufacturing strong and expected to continue in 2016, according to the report.

The hottest neighborhoods here, according to the prediction, are all in the city: Church Hill, with a forecast of 6.7 percent in home value growth; followed by Carytown with a 5.3 percent home value growth; the Fan District at a 4.8 percent growth; northern Barton Heights with a 4.7 percent growth; and Forest Hill Terrace at 4.6 percent.

“Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015. But this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation,” said Zillow’s chief economist, Svenja Gudell.


“As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns. This year’s hottest markets have something for everyone, whether they’re looking for somewhere to raise a family or start their career.”

Rounding out the top 10 housing markets by Zillow for 2016 are Boise, Idaho; Ogden, Utah; Salt Lake City; Omaha, Neb.; Sacramento, Calif., and Portland, Ore.

Omaha has the lowest unemployment rate of the 10 hottest markets, at 2.9 percent. Denver saw home values rise 16 percent in 2015, and Zillow is forecasting them to rise an additional 5 percent in 2016.

Boise, Ogden, Salt Lake City and Sacramento all have high home value appreciation forecasts, with values expected to appreciate an average of about 5 percent this year.

Check out the original article