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It is but natural that the Richmond, Virginia real estate market will be very lucrative owing simply to the fact that the city is the capital of the Commonwealth. Being the capital, Richmond has also developed a stature as the economic capital of the region to the south of America, wherein are centered all the main industries operating in the area. The Richmond economy which started with the production of tobacco is today, the owner of the highest Fortune 500 companies in the south of the US. Such a wide industrial scope has made the city a retreat for highest number of population in the south of the US, and this has subsequently given rise to a large number of real estate properties within the city.
Today, the price range of Richmond, Virginia real estate properties vary from as low as $50,000 to $1,000,000 depending upon the quality of the housing units. According to the statistics procured from the latest census, the total housing units in Richmond are 92,282, among which 84,549 are owner occupied. The current statistics show that a total of 97,745 of the Richmond citizens are employed with a median income of 31,121, which accounts for the profitable real estate market in the area. With a total population of 197,790 in Richmond city and the number still growing, it is only natural that more and more real estate properties are cropping up in the city. The Richmond city government annually assesses the property sales tax and the price of the real estate properties within the city so as to keep Richmond, Virginia real estate prices at par with the market.
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