Strengthening Economy Leads to Hot Housing Market in Richmond











As 2013 came to a close, Richmond home builders have celebrated a successful year and are looking forward to an even better 2014. Richmond specifically is projected to have a phenomenal year and has been named one of the hottest housing markets in the nation according to CNN Money.

The list of the top 10 hottest housing markets was compiled based on CoreLogic Case-Shiller’s latest home price forecast and showcase the major metro areas that are expected to see the biggest increase in home prices.

As of December 2013, Richmond’s median home price was $220,600 and is projected to increase by 8.5 percent through September 2014. This projection is a significant increase for Richmond as it has seen home prices increase about 3 percent each year since 2010. 

Richmond’s continued increase in home price has been a result of the area’s diverse economy with includes a mix of government, financial, education and manufacturing jobs, as well as a low unemployment rate currently at 5.4 percent. As home buyers have felt more confident about the current economy, their confidence in purchasing a new home has risen.

Boone Homes is excited about the improving housing market and are looking forward to an exciting 2014. We offer several opportunities for buyers to purchase their dream home in metro Richmond. From maintenance free homes to luxury estate homes, we have homes available in Henrico, Goochland and Chesterfield counties. For more information on all of our Richmond communities, visit the Boone Homes website today.