Sarah Jarvis Team at One South Realty

at One South Realty

The Ultimate (Relocation) Housing Guide to the Richmond VA Marketplace

If there is a post I feel comfortable in writing, it is this one — I was born here, raised here. went to school here, and live here still.

All Types from All Places

If you are in this business long enough, you will help folks to relocate here not only from all over the country, but increasingly from all over the world.

Sometimes people can only offer a description of a feeling of what they want (‘I want something old and classy’) while others come armed with research and specific areas (‘I want to be a 4 bedroom colonial on a cul-de-sac in the Cosby District for the IB Program’).

Regardless, helping people grasp our marketplace is the most rewarding part of the job.

And this post is an attempt to break down Richmond in such a way that anyone can get a sense of how Richmond was built, how it operates, and where it is headed.

Enjoy!

Table of Contents

We broke the page down into numerous categories:

The comments throughout the post are candid and represent my opinions of my 40+ years in RVA and my 20+ years as a Realtor in RVA.

Just so you realize, I have lived in Richmond for my entire life, including time living in the City, Henrico, Chesterfield, and Hanover, and even spent my collegiate years at both University of Richmond (undergrad) and Virginia Commonwealth (grad) … so I know my way around.

It is this combination of being a ‘Richmonder’ and being a Realtor that gives me insight into this centuries-old city and it is this experience that allows me to help those with far less experience understand why Richmond has developed the way it has.

Definitions and Geography

Metro Richmond is primarily comprised of the City of Richmond, Henrico County, Chesterfield, and Hanover County, which represents about 75% of the approximately 1.3M people in the region.

RVA
The RVA region is comprised of the ‘Big 4’ of Henrico, Chesterfield and Hanover Counties along with the City of Richmond along with several other smaller counties. The Big 4 houses 75% of the region’s population.

Interstates 95, 64, and 295 connect the region with the James River providing Richmond commerce, entertainment, and relaxation. Richmond is home to four institutions of higher learning:

  • Virginia Commonwealth University
  • Virginia Union University
  • The University of Richmond
  • Randolph Macon College (in Ashland)

Richmond VA is also home to:

  • Federal Reserve Bank
  • The State Capitol
  • Two NASCAR races
  • Multiple Festivals (our Jazz Festival rocks and we even have a ‘Bacon’ festival…)
  • Multiple Breweries (RVA is the # 1 Destination for Beer Travel according to this review!)
  • Some really amazing nationally recognized restaurants
  • Great museums
  • The James River

You will love it here.

The Big 4 of the Richmond Region (Richmond, Chesterfield, Henrico, Hanover)

The City of Richmond

Richmond City is the home to over 200,000 residents, the State Capitol, a Federal Reserve, Virginia Commonwealth University, and numerous properties built prior to the formation of the United States of America.

Bisected by the James River, Richmond is a collection of many neighborhoods, both residential and commercial (and mixed-use) largely built from the early/middle 1800s into the middle 1950s.

Henrico County

Henrico forms the City of Richmond’s northern border and surrounds the city along the James River’s north banks.  With over 300,000 residents, Henrico is home to much of the region’s most upscale retail and suburban office parks. Henrico also offers excellent interstate access with I64, I295, I95, and Route 288 all within its borders.

The development of Henrico County began in earnest in the early 1900s with much of its housing built post-1940. A great deal of housing is still being built in Henrico.

Chesterfield County

Chesterfield is the most populous county in the region with well over 300,000 residents. Located south of the James River and along Richmond’s southern border, Chesterfield is connected to points north via Powhite Parkway, Route 288, and I95.  Housing in Chesterfield is generally more affordable than Henrico with both rural and suburban options.

Chesterfield’s housing stock is mostly from the 1950s or later with much of the development beginning in earnest in the 1970s.  Chesterfield’s development continues today and will for some time as massive tracts of land are still available along much of the Route 288 corridor.

Hanover County

Hanover County is located on Henrico’s northern border along the 295 corridor and bisected by I95. Hanover is known for its rural nature to the west and the far more dense/suburban Mechanicsville to the east.

With roughly 100,000 residents, Hanover is the 4th most populous municipality in the Richmond region. With more rural options, the real property tax rate is also one of the lowest.

Hanover County is really two distinct areas, divided by I95, with tremendous development in the eastern sections and far less to the west. The housing is largely 1960’s or later with isolated instances of historic homes throughout the county and in the town of Ashland.

The following counties are also considered a part of the overall Richmond VA region:

Cost of Living


Richmond VA is somewhere near the middle of the pack when it comes to cost of living. However, when viewed next to the proximity to some of the most expensive places to live in the US, especially along the East Coast, Richmond provides good value.

Housing prices are especially benign comparatively.

Roads, Travel, and Distances

Richmond is well served by the Interstate system as well as larger thoroughfares to handle traffic around the Metro keeping commute time generally less than 30 minutes.

  • Richmond is bisected by Interstates 95 (N/S) and 64 (E/W).
  • 295 forms a beltway around the city from the west side near the Henrico/Goochland border, along the Hanover County line, and around to the east where it ends into I95 far to the south below Petersburg.
  • Route 288 completes the loop around the west side of the city and joins Henrico to Chesterfield.  Its completion in the 1990s spurred tremendous growth along its path, especially in Chesterfield.
  • The Powhite Parkway (Route 76) and Downtown Expressway connect the interchange of 64 and 95 to both Downtown and ‘South of the James’ via multiple tolls.
  • Route 60 (Midlothian Turnpike), Route 360 (Hull Street to the West and Mechanicsville Tpke to the East), and Route 250 (Broad Street) connect many residential developments to retail shopping and the highway system.
  • Chippenham Parkway (Route 150) runs along the City/Chesterfield border and connects I95 to Parham Road at the Willey Bridge.
  • Route 33 (Staples Mill Road) runs from the Willow Lawn area into western Hanover.
  • Route 10 (Jeff Davis Highway) connects much of the industrial corridor south of Richmond to the southern and central Chesterfield regions.
Bing_Maps
Interstates 64 and 95 carry traffic through the City while I295 and Route 288 form the outer loop. Powhite Parkway (Rt 76) carries the majority of local traffic across the James River

Commutes and Travel

Richmond’s commutes are generally less than 30 minutes even from outlying locations to the city center. Kiplinger’s Personal Finance Magazine ranked Richmond’s commute as 4th best in the country. The same fact contributed to CNNMoney.com making Richmond the 5th least stressed-out city in America.

The Richmond International Airport is 20 minutes east of Downtown and while it has some direct flights, many flights connect through Charlotte and Atlanta.

Richmond is close to much of both the Northeast Corridor and the Mid Atlantic:

Chesapeake Bay Region

Bay_PropertiesThe Chesapeake Bay and the rivers of Eastern VA are anywhere from about 45 minutes to 2 hours by car, depending on which river you seek to enjoy.

The region is broken up into two basic areas, the Northern Neck (from the Rappahannock River north to the Potomac River) and the Middle Peninsula (from the Rappahannock River south to the York River.)

To explore the Bay and rivers of the Eastern Region, you may search our sister brokerage’s detailed site, Bay Properties in Mathews VA (Middle Peninsula) and White Stone VA (Northern Neck.)

Richmond’s Geographic Home Price ‘Hierarchy’

James River Rock Falls Richmond VA
The rock falls of the James helped place Richmond where it is today.

Richmond VA has an ingrained western bias.

For a multitude of reasons, some geographic, some historical, and some development-based, Richmond has grown west with far more vigor than it has grown east.

Richmond is located at the furthest point inland where the James River became unnavigable and thus, the warehouses of Manchester and Shockoe were built to house the large number of goods being offloaded during our country’s earliest years. The rock falls which roughly begin at the Mayo (14th Street) Bridge prevented ships from moving any further west and now provide some of the most visually stunning river vistas in Virginia.

As with many East Coast cities, Richmond developed to the west as that is both where the fresher water and fresher air were located. With the prevailing winds taking the pollution to the east and the water less polluted ‘up river’, developing to the west made sense.

Since Richmond initially developed on the north banks of the James River (and bridges of any scale were still years away), land values along the north bank tended to be higher than those south.  Additionally, flood plains were more common along the south banks (other than in the Shockoe Bottom area) creating more demand for points north until connectivity between both sides of the River became more prevalent.

As you look at the property values across the region, you will generally find:

  • West of Downtown more expensive than East of Downtown
  • North of the River more expensive than South of the River
  • Close to the River more expensive than Far from the River

In MLS terms (and these are generalizations, and thus, will have many exceptions):

  • The Western Zones in the City and Henrico of 10, 20, 22, and Zone 34 west of Staples Mill tend to hold the most expensive properties
  • Zones 64, 62, 54, 36, 44, and Zone 34 east of Staples Mill generally trade at a discount to the zones listed above for comparable homes.  Zone 64, especially along the River, does contain many valuable properties on par with Zones 22 and 34.
  • The Eastern and Southern Zones of 42, 40, 50 and 52 will generally provide more affordable housing than the MLS zones located to the West.
  • North/Central Zones 30 and 32 are interesting in that the impact of I95 and Route 301 (the ‘Original Highway’) make these zones harder to understand as property values can shift rapidly in very short geographic distances.
richmond-virginia-mls-map
The MLS Zones in Richmond…Zones 52 and 54 are not pictured but border Zone 50 along I95 on the City’s south side.

A Distribution of Values Across the Region

Below is a heat map indicating the tax assessments across the region. Tax assessments tend to follow market values and thus are an indicator of the relative property values in the Metro. The red coloring indicates higher values and blue indicates lower values.
Close_Price_No_Legend_jpg
Below is a heat map indicating ‘Assessment Price per Square Foot’ from across the region during the same time period (computed by dividing the assessment by the property size.)
Price_per_Square_Foot_jpg
While there are exceptions to these rules of thumb for values across the region, they do hold mostly true as the most valuable property in Richmond is generally considered to be along the River’s north bank and west of Downtown.

Some of the more value-oriented residential property can be found east of Downtown (once again, with several notable exceptions, Shockoe and Church Hill, specifically) and south along the 95 Industrial corridor.

Suburban Richmond, by Common Name

Only Realtors speak in MLS Zones or Zip Codes. Most buyers and sellers speak in more familiar terms.

‘I have a friend who told me I should live in Midlothian … or Short Pump … or Downtown’ means more than ‘My friend told me to buy a 4/2.5 Zone 34 transitional’ to the large majority of people. Some of the commonly used names for the various suburban areas in the RVA Metro are as follows:

Henrico

Hanover

Chesterfield

  • Midlothian For Sale – North and West in Chesterfield surrounding the ‘Village of Midlothian’ (MLS 64 and 62)
  • Bon Air For Sale – Abuts the City along Huguenot/Jahnke and Buford Roads (MLS 64)
  • Chester For Sale – Southern Chesterfield along Route 1 and I95 approaching Colonial Heights and Petersburg (MLS 52)
  • Chesterfield Courthouse For Sale – Central Chesterfield along Route 10/Rt 288 near the Chesterfield County Courts/Government Complex and the Chesterfield municipal airport (MLS 54)
  • Moseley For Sale – Western/Central Chesterfield between Midlothian Turnpike and Hull Street (MLS 54 and 62)

Understanding Suburban Richmond is Understanding the Public Schools

Schools of Huge Importance When Considering Relocation to RichmondThe statement above is pretty self-explanatory.

If you look at the highest valued homes, they can generally be found in the school districts ‘ranked’ the highest, at least in suburban Richmond. The City of Richmond behaves differently than suburban Richmond as much of the school-aged populous in the Western sections of the City attends private schools.

For a list of homes broken down by High School in Henrico:

For a list of Homes broken down by High School in Hanover:

Atlee_Girls_Volleyball
High School and club sports are a big part of the Richmond community.

For a list of Homes broken down by High School in Chesterfield:

Private High Schools:

Other High Schools in the Metro Area:

The New Home Market

The news homes in Richmond are being built primarily along the 295 Corridor and along the 288 corridor. As discussed above, as you move from the east to the west, prices tend to increase, and this largely holds true for new housing as well.

New Housing ‘Nodes’ in the RVA Region

Beginning along the I295/Rt. 360 (eastern Hanover) and 295/301 corridor along the Hanover/Henrico border, a great deal of new housing is being built (Hanover HS and Lee Davis HS districts). Located within the greater Mechanicsville sub-market, the new homes are mostly of the 4 and 5 bedroom/2200 to 3000 SF variety located on typical suburban subdivision lots with public utilities.

Building in the Atlee area and into Western Hanover County (MLS Zone 36) has increased considerably –– especially in the Atlee area –– but large-scale development is less common when you move west of Route 1/I95.

As you move west towards the Route 33 (Staples Mill) and Nuckols Road Corridor (Glen Allen/Deep Run/As yet to be named HS along Kain Road), you will find a more expensive cluster of new homes close to the region’s most upscale retail, most successful office park and near the intersection of 64/295 and 288, making interstate access some of the best in the Metro. The newly constructed homes in Glen Allen tend to be more expensive (especially along the Nuckols Road corridor) than those to the east or those to the south.

As you cross the James along 288, many of Chesterfield’s largest and most upscale neighborhoods are being built.

Probably the greatest density of new homes being built in the region exists along 288 in western Chesterfield in communities such as Hallsley, Magnolia Green, and Rountrey.

As you move further south along the Route 10 (Iron Bridge Road) and into the Chesterfield Courthouse corridor, you will find a slightly less expensive version of the housing mentioned above with a few more larger lot subdivision options, albeit in a more remote setting.

New Houses in City of Richmond

New Houses In Henrico County

New Houses In Goochland County

New Houses In Chesterfield County

New Houses In Hanover County

New Houses In New Kent County

New Houses In Powhatan County

Inbox__79127_messages__12_unread_
The redder colors indicate a higher instance of newly constructed housing. As you would expect, the older homes are centrally located and the new homes are on the suburban rim, mostly along the 295 and 288 corridors. Heavy new home construction is occurring in the NW Quadrant of Henrico and in Western Chesterfield

RVA Builders

Other than the behemoth of Ryan Homes/NVR, the RVA building community is largely comprised of local builders. Ryan is known within Richmond for building large numbers of town homes and can usually deliver some of the least expensive housing in the Metro.

In recent years, larger (national) builders, besides Ryan Homes, have entered our market:

  • DR Horton
  • Stanley Martin Homes
  • Schell Brothers

The larger local builders include:

  • Eagle Construction – Part of the Eagle/Markel partnership. Builds mostly in Henrico but will cross the River and occasionally found in Hanover.
  • HH Hunt – Developer/builder known for large planned communities (Rutland, Wyndham, Twin Hickory).
  • StyleCraft Homes – Builds single-family, townhomes and also a lot of ’empty-nester’ homes throughout the Metro.
  • Lifestyle Builders – Builds mostly single-family detached housing in neighborhoods throughout the Metro, with their biggest footprint in Chesterfield.
  • Main Street Homes – Builds mostly single-family detached housing all over Richmond.
  • Boone Homes – Builds many ’empty-nester’ homes. Known for heavily decorated models and a unique exterior look
  • RCI Builders – Owned by the partners of Hometown Realty. Very heavily vested in Hanover and points north/east and usually in subdivisions they developed.

Some truly exceptional upscale builders are also part of the landscape:

  • Biringer Builders –– known for some of the most spectacular suburban homes in all of Richmond
  • River City Custom Homes –– known for their innovative design and thoughtful design. RCCG is part of the development team in Rountrey.

All of these mid-sized builders build in many neighborhoods throughout the Metro. Other smaller builders (10 or fewer homes per year) provide more niche styles and personal attention. A complete list of builders can be found here at the HomeBuilders Association of Richmond.

Overall, it has been my experience that the quality of construction in Richmond holds up quite well compared to many other comparable regions.

The City Neighborhoods

A view across the James from Manchester

The City of Richmond contains a wide array of neighborhoods of various styles and ages. A breakdown and brief description is below:

The Fan | $$$$$

Home to the world famous Monument Ave.  Neighborhoods within the Fan include Uptown near VCU, West Ave and West Grace Street.  Many consider it to be the most walkable neighborhood in Richmond as well as one of the most stable.

Church Hill | $$$$

One of the oldest neighborhoods in Richmond, the stock of historic housing is ample.  Church Hill is the most dominant neighborhood east of Downtown and home to Libby Hill Park with some of the most powerful and captivating views of Richmond.

Museum District | $$$$

The Museum District is home to Carytown (Richmond’s quirky and authentic shopping district).  The district takes its name from the numerous museums along the Boulevard.

Jackson Ward | $$$ 1/2

Jackson Ward connects east and west Richmond and borders City Hall, the State Capitol, VCU and MCV and Historic Broad Street.  The ‘J-Dub’ is home to many festivals including Broad Appetit, 2nd Street Festival and First Friday Art Walk

Carver | $$$

Located north of Broad Street and forms VCU’s northern border.  Carver is home to a great deal of development momentum. As the western edges of Carver redevelop near Scotts Addition, the area should experience additional appreciation.

Ginter Park, Bellevue and Northside | $$$ 1/2

As Richmond’s first official suburb, Ginter Park began the trend towards larger residential lots. Spectacular residential architecture is a signature of Ginter Park. Bellevue and Laburnum Park are also neighborhoods within the greater Northside/Ginter Park area of Richmond.

Byrd Park and Carillon | $$$ 1/2

Tucked away near Byrd Park, Fountain Lake, and Maymont as well several entry points to the James River Park System, the Byrd Park/Carillon neighborhood offers privacy and access. A mix of smaller homes, as well as some spectacular architecture (Rugby Road/Westover Road), makes the area diverse and interesting.

South of Cary | $$$$$

Windsor Farms anchors some of the most spectacular homes along Cary Street and the neighborhoods along the River. Some of Richmond’s most truly spectacular expensive housing can be found South of Cary

Westhampton | $$$$$

Abutting U of R and supported by the shopping along Grove and Libbie, the Westhampton area is one of the areas most sought after.

Manchester | $$$

Abutting Downtown on the south banks of the James, Manchester is home to both residential single-family development and massive adaptive re-use of the 100-year-old warehouses.

Scott’s Addition | $$$

Strategically located at the intersection of 64/95/Powhite, Scotts is the furthest west warehouse district in the city and currently under massive redevelopment with multiple large properties being converted to large apartment complexes. The redevelopment of the Interbake Foods property at the corner of Broad Street and the Boulevard is important to the area.


Westover Hills | $$$$

Picturesque and dense, Westover Hills offers smaller single-family homes affordably with access to the River and Fan/Museum District via the Nickel Bridge.

Woodland Heights | $$$

Affordable and historic, Woodland Heights bridges the gap from Manchester to Westover Hills along Semmes Avenue

The Condo Market

(For a complete breakdown of Richmond’s Condo market, check out our Ultimate Guide to Richmond VA Condos)

The condo market is primarily a Downtown market with condos centered in the neighborhoods of Downtown, Church Hill, The Fan, Manchester, and Jackson Ward.

Several other projects can be found scattered throughout the Metro, but the majority of the condos are in the more urban districts.

High Rise

Den at Vista on The James
Numerous upscale customized units exist in the Vistas on the James.

Mid Rise

Properties such as the spectacular Decatur exist in the historic neighborhoods
Properties such as the spectacular Decatur exist in the historic neighborhoods

Other Condos For Sale

The Importance of Virginia Commonwealth University (VCU) to Richmond’s Housing Market

The importance of Virginia Commonwealth University (VCU) on Richmond cannot be understated. With over 40,000 students amongst the undergraduate, graduate, and medical schools, VCU drives much of the city’s need for housing.

VCU Richmond VA
Divided into two separate campuses (VCU Monroe Park along Belvidere and The Medical College located Downtown), VCU not only underpins the housing market, it also has an insatiable appetite for development for its facilities. Since its aggressive growth path beginning in 1990, VCU has expanded across both Broad Street and Belvidere and helped revitalize both neighborhoods.

And if you are interested in purchasing a home or condo for your child (or yourself!) headed to VCU or the Medical Collage, we wrote an article about that very topic here — “Buy a House, Pay for College”

Development Trends

Neighborhoods with ‘Historic’ designations become eligible for the Historic Tax Credit programs at both the State and Federal level. These credit programs drive much of the development in Richmond. The areas with the highest level of development currently are as follows:

Richmond VA Development Trends Map
The Downtown Master Plan was completed in the late 2000’s and offered a comprehensive vision to Downtown Richmond.

Additionally, suburban development is seeing instances of the ‘new urbanist’ movement to balance the traditional suburban development:

High Growth areas of SUBURBAN residential development can be found in:

Apartments

The apartment market is robust in Richmond with tremendous levels of development in the historic districts of the City

The ‘Rivah’

Map_of_Waterfront_Properties_in_Richmond_VA
Click here to see a map of the waterfront properties in Richmond VA

The James River bisects the city and separates Henrico County from Chesterfield County. While much of the land abutting the river is owned by the railroad, the following properties and areas may offer proximity, access and potentially views of the River:

804.201.9683

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kendall@richmondrelocation.net

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