North & East Richmond Showing Signs of Improvement

August 20, 2013 Updates

It has been a difficult time in North & East Richmond since 2006.  At the end of 2010  the market  hit rock bottom.

Market Trend N&E Richmond

Market Trend N&E Richmond

During the steep downturn, more and more houses went under water and ultimately  all sales were  foreclosures and short sales.  Most homes were purchased by investors who typically fixed up the properties for rent or for resale at a higher prices.    In 2011 the market started to turn around.  Gradually the number of distressed sales dropped and today the majority of sales are normal sales.  However, you can see by the chart that the prices are still well below the highs of 2006. In fact values on a dollar per square foot ($/sf) basis are less than half of what they were then.

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