Richmond, Virginia

Millennials are on the rise in the Richmond home market. The great news is that there is a first time shift since the 2008 home bubble. Finally houses are entering the housing market in good numbers, and the Richmond, Virginia home market is one of the top places in our country.

Millennials are a big factor in a successful housing market in Richmond and outside of Richmond.

Having a market for sellers is inspiring for so many areas of our country that desire to experience a strong market for homes.  And surprisingly the financial power behind it – Millennials. They range in age up to 35 years old.

There are so many financial institutions who have for so long under-estimated the financial strength of Millennials. At this time Millennials are coming into the real estate home market in larger amounts.

The conditions of restrained income because of an economy that has been weak have made way to a much stronger job market which is giving Millennials an opportunity to own a home and have a family.

Millennials being about 25% of our population have two hundred billion dollars in purchasing power and they have suddenly jumped in the housing market.

Richmond has a bright outlook when it comes to its commercial real estate market. It has had a few good wins. Tax cuts have caused more money to be in people’s pockets.  This is increasing demand for houses as well as products. But it also holds for the commercial real estate market as well as those who invest in realty.

Richmond has always been in the particular zone of not being recognized. But with some new occurrences in very recent years, Richmond now getting recognition and increasing in size.

A couple of their big developments are getting Facebook and CoStar. Plus, there haven’t been any large negatives in commercial real estate developments.

An interesting positive development in the Richmond apartment market is that an increasing segment of it are renting because they want to. They desire resort-like apartment buildings. The multifamily market has a lot of muscle now.

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